Firma is a global foreign exchange service provider servicing corporate clients. Its key products include spot and market orders, multi-currency accounts, payments and mass payments and forward contracts.
The acquisition delivers revenue to OFX’s Corporate segment of 93% and to its North America region of 121%, representing more than five years of organic growth.
The acquisition will be funded by an underwritten debt facility and existing cash. At completion, OFX expects net debt to pro-forma EBITDA of approximately 1.5x. Given the cash flow profile of the combined entity, OFX expects to repay its debt in less than four years, subject to no other value-accretive growth opportunities emerging which require funding.
The acquisition is expected to complete in first quarter of FY23 subject to customary conditions.
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