City Index Group Limited Acquisition of FX Solutions LLC
City Index Group Limited (”City Index”) Acquisition of FX Solutions LLC (”FX Solutions”)
London, UK, February 6th, 2008.
City Index Group, a leading provider of retail derivative trading services (Contracts for Difference, CFD’s, foreign exchange - FOREX, announced the acquisition of FX Solutions LLC (www.fxsolutions.com) in an all equity transaction.
FX Solutions. Created in 2001 by Thomas Plaut and Robert Cortright. Based in Saddle River, New Jersey. FX Solutions provides a premier retail foreign exchange (”FX”) electronic trading platform for all major currency pairs.
FX Solutions has been recognized for 3 consecutive years by Inc. magazine as a part of the annual Inc. 500 “America’s Fastest Growing Private Companies” list. Only 11 of 500 companies achieved that status, and in 2007, FX Solutions was the only retail FX broker to make the list.
The combined Group will employ over 400 staff across 6 offices in the UK, United States, China, Singapore and Australia and has partnership relationships throughout Europe, North America, Australia and the Middle East, transacting approximately 1.6 million trades per month. The Group is regulated in Europe, the United States, Singapore and Australia.
Mr Clive Cooke, CEO City Index, commented on the transaction:
“The FX Solutions team have built a highly successful business with clients in over 50 countries and we are delighted to be able to bring our two companies together. This transaction will enhance and strengthen our current product offerings to our retail clients and institutional business partners and accelerate our expansion into new geographical markets.”
Thomas Plaut Co-founder and Co-CEO of FX Solutions, commented:
“We are very pleased to be joining the City Index Group, an ideal partner to take our business to the next stage. City Index’s diverse and worldwide operations will open new opportunities for our business and we know the merger with City Index is going to be a positive for all involved - especially our customers.”
“We are delighted to be participating in this combination, which creates a new, multi-product leader with best in class technology, serving a rapidly growing, global market,”
said David Golob, Partner with Francisco Partners.
