NAGA and CAPEX.com Merger Gets Shareholders’ Nod: 2 New Licenses in Pipeline

Monday, 22/04/2024 | 09:00 GMT by Arnab Shome
  • As many as 99.81 percent of the NAGA shareholders voted for the merger.
  • The CEO, Octavian Patrascu, is envisioning a "New NAGA" with the merger.
NAGA

The shareholders of publicly listed NAGA GROUP AG (XETRA: N4G) have approved the merger of the broker with CAPEX.com. As many as 99.81 percent of the NAGA shareholders voted in favor of the merger at the extraordinary general meeting held on April 12.

Expansion Plans

The press release today (Monday) revealed that the Hamburg-listed broker is seeking two additional regulatory licenses, which are in the process of approval. However, it did not specify the jurisdictions of the sought-after licenses.

Currently, NAGA and CAPEX hold nine regulatory licenses together.

“Securing this vote will allow us, after the regulatory approvals for the merger, to execute the new business plan,” Octavian Patrascu, the new CEO of the NAGA Group, said in a statement. “We are expanding the global reach of NAGA and upgrading the SuperApp to offer a true all-in-one user experience, unique in the world of Fintech.”

A Strategic Merger

NAGA and CAPEX.com agreed to the merger last December. Under the agreement, Patrascu, the founder and CEO of CAPEX.com, was appointed as the Group CEO of the merged entity. Additionally, he injected $9 million into NAGA via a convertible bond, making him the largest shareholder in the company.

Originally, the closure of the deal was planned for the end of Q2 2024, which is now pending customary regulatory approval.

The merger was very strategic as the two brokers will benefit from their respective expertise domains and market reach. With the merger, the two brokers are expecting to generate $250 million in revenue over the next three years and save about $10 million annually.

The two platforms already have over 1.6 million registered users, and the roadmap of the merged entity is aiming to add over 5 million registered users by 2025/26.

Patrascu's vision is to create a "New NAGA" with market expansion and enhancements of products and applications. Furthermore, he is moving towards making a "Superapp" with plans to unify all existing NAGA services into a single, integrated platform.

Interestingly, Ben Bilski, who founded NAGA and headed the broker until June 2023, separated from the company last March, only three months after the announcement of the merger.

The shareholders of publicly listed NAGA GROUP AG (XETRA: N4G) have approved the merger of the broker with CAPEX.com. As many as 99.81 percent of the NAGA shareholders voted in favor of the merger at the extraordinary general meeting held on April 12.

Expansion Plans

The press release today (Monday) revealed that the Hamburg-listed broker is seeking two additional regulatory licenses, which are in the process of approval. However, it did not specify the jurisdictions of the sought-after licenses.

Currently, NAGA and CAPEX hold nine regulatory licenses together.

“Securing this vote will allow us, after the regulatory approvals for the merger, to execute the new business plan,” Octavian Patrascu, the new CEO of the NAGA Group, said in a statement. “We are expanding the global reach of NAGA and upgrading the SuperApp to offer a true all-in-one user experience, unique in the world of Fintech.”

A Strategic Merger

NAGA and CAPEX.com agreed to the merger last December. Under the agreement, Patrascu, the founder and CEO of CAPEX.com, was appointed as the Group CEO of the merged entity. Additionally, he injected $9 million into NAGA via a convertible bond, making him the largest shareholder in the company.

Originally, the closure of the deal was planned for the end of Q2 2024, which is now pending customary regulatory approval.

The merger was very strategic as the two brokers will benefit from their respective expertise domains and market reach. With the merger, the two brokers are expecting to generate $250 million in revenue over the next three years and save about $10 million annually.

The two platforms already have over 1.6 million registered users, and the roadmap of the merged entity is aiming to add over 5 million registered users by 2025/26.

Patrascu's vision is to create a "New NAGA" with market expansion and enhancements of products and applications. Furthermore, he is moving towards making a "Superapp" with plans to unify all existing NAGA services into a single, integrated platform.

Interestingly, Ben Bilski, who founded NAGA and headed the broker until June 2023, separated from the company last March, only three months after the announcement of the merger.

Topics
Naga Group
Naga
About the Author: Arnab Shome
Arnab Shome
  • 6566 Articles
  • 91 Followers
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.

More from the Author

Retail FX

FM's Andrea Badiola Mateos at LSEG's Cyprus event

FM's Andrea Badiola Mateos at LSEG's Cyprus event

FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event

FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
More Videos

  • The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar

    The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar

    The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams. 📣 Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/ 👍 Facebook: https://www.facebook.com/financemagnates/ 📸 Instagram: https://www.instagram.com/financemagnates_official 🐦 X (Twitter): https://twitter.com/financemagnates/ 📡 RSS Feed: https://www.financemagnates.com/feed/ ▶️ Telegram: https://t.me/financemagnatesnews Don't miss out on our latest videos, interviews, and event coverage. 🔔 Subscribe to our YouTube channel for more!🔔

    The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams. 📣 Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/ 👍 Facebook: https://www.facebook.com/financemagnates/ 📸 Instagram: https://www.instagram.com/financemagnates_official 🐦 X (Twitter): https://twitter.com/financemagnates/ 📡 RSS Feed: https://www.financemagnates.com/feed/ ▶️ Telegram: https://t.me/financemagnatesnews Don't miss out on our latest videos, interviews, and event coverage. 🔔 Subscribe to our YouTube channel for more!🔔

  • Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24

    Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24

  • 🌟 Explore cutting-edge solutions and connect with fintech leaders at FMLS:24!

    🌟 Explore cutting-edge solutions and connect with fintech leaders at FMLS:24!

  • 🤝 Meet industry leaders at the premier event for brokers – FMLS:24. Secure your spot today!

    🤝 Meet industry leaders at the premier event for brokers – FMLS:24. Secure your spot today!