INTL FCStone Acquires GIROXX GmbH in Germany
INTL FCStone Inc. has executed a sale and purchase agreement to acquire GIROXX GmbH in Frankfurt. Closing is conditional upon the approval of the BaFin.
GIROXX provides online payment and FX hedging services to SME’s in Germany, Austria and Switzerland. INTL FCStone’s services will be offered to GIROXX's corporate client base.
This purchase completes a series of acquisitions and company restructuring to ensure that all clients of INTL FCStone Ltd are unaffected by Brexit.
Carsten Hils, Global Head of INTL FCStone's Global Payments Division said, "Our objective is to offer SME's the ability to hedge all parts of their production processes, and to allow these corporates to have access to a digital payments and hedging platform. We are clearly one of the first in this market segment to offer such a comprehensive offering and we are excited about this opportunity."
Klaus Hoffmann and Jörg Sonnenschein, both Founders and Managing Directors of GIROXX said, "We are very excited about becoming part of such a successful financial group, which we see as essential to expand our product. Additionally, we gain the resources to offer hedging services on a multi assets basis with a balance sheet which will help solidify our client base and to expand at a faster pace."