Business
Acquisition of Pangea FX Limited
Acquisition of Pangea FX Limited.
About this update from Finseta Plc
[{"type":"text","content":"\n \n \n Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 (\"MAR\") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain.\n \n \n \n \n \n 2 September 2022\n \n \n \n \n \n \n \n \n Cornerstone FS plc\n \n \n \n \n (\"Cornerstone\" or the \"Company\" or the \"Group\")\n \n \n \n \n \n \n \n Acquisition of Pangea FX Limited\n \n \n \n \n \n \n Cornerstone FS plc (AIM: CSFS), the cloud-based provider of international payment, currency risk management and electronic account services to SMEs, is pleased to announce that is has entered into an agreement to acquire the entire issued and to be issued share capital of Pangea FX Limited (\"Pangea\"), a specialist FX and treasury consultancy (the \"Acquisition\"). The total consideration payable for the Acquisition is up to £200,000 (dependent upon future performance), which is to be satisfied by cash and loan notes.\n \n \n \n \n \n \n Rationale for the Acquisition\n \n \n \n \n \n \n Pangea FX is a specialist FX and treasury consultancy with a strategic focus on helping its clients control the impact currency volatility has on their business, primarily through providing a bespoke service to corporate clients in the UK.\n Pangea FX was founded in 2017 by Joe Jones and Stuart Plummer who each have over eight-years' experience in foreign exchange, particularly in customer acquisition and sales positions. Prior to establishing Pangea FX, Joe and Stuart worked at Vorto Trading Ltd, which is Cornerstone's largest white label partner, alongside Robert O'Brien, who is now the Group's Chief Operating Officer and General Manager APAC and Middle East.\n \n \n \n \n \n The Board of Cornerstone believes that the Acquisition will accelerate the Group's growth through the addition of two senior sales executives - namely, Joe and Stuart - who will be responsible for leading the Group's sales function. Joe will be based in the Group's London headquarters and Stuart will be located in Dubai, where the Group opened an office in September 2021. The Group will also benefit from the migration of Pangea FX's existing client base to the Cornerstone platform as ...