CVC Asia Fund IV has agreed to sell OANDA Global Corporation to FTMO Group. The deal is subject to regulatory approvals. The financial terms were not disclosed.
OANDA, founded in 1996, provides a digital trading platform for retail and corporate clients. It offers multi-asset trading, currency data, and analytics. The company operates in major financial hubs, including New York, London, and Tokyo.
OANDA Transforms Under CVC, FTMO Acquisition
“The team have taken OANDA from a regional foreign exchange provider to a fully diversified offering, whilst building upon its historic strengths in regulatory compliance and best-in-class customer support. We would like to thank the entire team at OANDA for their efforts,” Siddharth Patel, Managing Partner at CVC, said.
Since 2018, OANDA has expanded under CVC Funds. It introduced new products, established a back-end office in Poland, and developed a mobile trading platform.
“We thank CVC for their confidence in us and support of our mission of transforming OANDA into the global leader it is today. We are excited to continue delivering on our strategy under FTMO’s ownership,” Gavin Bambury, CEO of OANDA, commented.
FTMO Welcomes OANDA’s Management
“We are delighted to welcome OANDA’s existing management team, whose track record in complex, regulated markets, strong expertise in risk management and customer-centric philosophy fully complements FTMO’s own vision and strategy,” Otakar Šuffner, FTMO’s co-founder and CEO, and Marek Vašíček, FTMO’s co-founder and CTO, commented.
FTMO, based in the Czech Republic, provides educational and training services for traders. It plans to keep OANDA as a standalone business.
They added: “We look forward to building together a unique, comprehensive trading powerhouse group of companies that has not existed in the market until now.”
Nomura and Santander advised CVC, while Milbank (Hong Kong) LLP provided legal support. J.P. Morgan advised FTMO, with legal counsel from Latham & Watkins LLP.
OANDA Updates Prop Trading Program Conditions
In October of last year, Finance Magnates reported that OANDA, six months after launching its prop trading offering, had updated the conditions for its trading challenges to appeal to experienced traders, especially in response to recent developments in the prop firm sector.
The updated program now includes more flexible assessment criteria and higher profit-sharing opportunities. Traders who successfully complete a challenge can unlock an 80% profit share as signal providers, a significant increase from previous levels.
This article was written by Tareq Sikder at www.financemagnates.com.Retail FXRead More
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