Rolle, Switzerland based fintech investment fund Guru Capital has announced the closing of its acquisition of London based ETX Capital from UK private equity firm JRJ Group. The Guru-ETX deal was first announced in early June.
The parties did not disclose the price paid for ETX. ETX did £32.2 million (USD $40 million) in Revenue in 2018 with profit coming in at £1.9 million, both figures fairly flat as compared to the previous year. The company has yet to report 2019 results.
ETX Capital, operated by FCA regulated Monecor (London) Limited, is a leading Retail FX and CFD broker. And, as was exclusively reported by FNG last month, has also branched out into capital raising and investment banking services for mid and small cap companies.
The transaction is closing after receiving approval from the UK’s Financial Conduct Authority (FCA). Additionally, Guru Capital partners Luca Merolla and Ryan Nettles have been appointed as non-executive directors to the ETX Capital Board of Directors.
Founded in 1965, ETX Capital has become one of the UK’s leading online brokers. Guru Capital said that it intends to leverage the strong ETX Capital brand, its proprietary technology and its talented team to expand the business in the UK. The team also intends to grow the business globally through M&A activities.