Mergers and Acquistions News
Categories: IT Services & Consulting
September 24th 2008, 17:03PM
The UK's largest forex provider IG Group has purchased an 87.5 per cent stake in FXOnline Japan, it has been announced.
Financial details of the takeover have not been announced, but the remaining 12.5 per cent share of FXOnline will be kept by James Gow, FXOnline's co-founder, who will continue to be the firm's chief executive.
IG Group's chief executive Tim Howkins claimed that his company hopes the acquisition will enable it "to introduce further innovations, including IG's wider product range and market leading technology".
Last year, IG Group generated approximately £178 million in revenue, which equated to £14.7 million net profit.
In other mergers and acquisitions news relating to the technology sector, business management solutions firm Cordys has joined with CSC as part of a strategic alliance, which will see the former's Business Operations Platform combined with the latter's Business Process Management expertise to help the firms "remain truly competitive".
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