LONDON (ShareCast) - (Sharecast News) - E-banking firm Equals acquired international payments business Hermex International for a total consideration of £2.0m on Friday.
Equals snapped up Hermex, part of the FXPro Group, via its FairFX subsidiary as it looked to continue on its strategy of consolidating "smaller, attractive market participants".

The AIM-listed group expects the acquisition to be immediately earnings enhancing and complement its strategy to develop its fast-growing corporate segment, providing additional corporate clients and cross-selling opportunities for the expanding range of products through their existing sales channels.

Equals noted that its technology, combined with its expertise in compliance, operations and settlements, meant the integration of HermexFX into the wider group could be achieved "efficiently".

Chief executive Ian Strafford-Taylor said: "This acquisition further demonstrates the ambition of the group to be a dominant force in the payments market.

"We are delighted to have attracted such a high quality, service-led business with an excellent client base, and we welcome the team from HermexFX to the Equals family."

As of 0850 BST, Equals shares had dipped 0.85% to 116.50p.

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