A cloud-based provider of international payment, currency risk management and electronic account services to SMEs, Cornerstone announced today that it has entered into an agreement to acquire Pangea FX, a specialist FX & Treasury consulting firm.
According to the details shared by Cornerstone, the total consideration payable for the acquisition is approximately £200,000. The amount consists of £25,000 in cash and up to £175,000 in loan notes. The mentioned loan notes have a term of two years.
Founded in 2017, Pangea FX was established by Joe Jones and Stuart Plummer. The revenue of the company stood at around £169,404 in the financial year that ended on 31 March 2021. Pangea FX made a profit before tax worth £58,325 during the mentioned period.
Gareth Edwards, the Chairman of Cornerstone, said: “We are pleased to have completed this acquisition and welcome the Pangea FX team to Cornerstone. Joe and Stuart have done an excellent job of building the Pangea FX business, and we look forward to benefitting from their skills and experience, both in the UK and in Dubai.
“As we stated at the time of our fundraising, our intention was to invest in our sales team to drive growth, and we believe this is the optimum means of achieving that as we also gain a book of business in the short term, which we expect to be significantly expanded going forward. With Joe and Stuart having worked with our team members in the past, we are confident that they will be strong additions to Cornerstone, and we look forward to updating the market on their success,” Edwards added.
Expansion
Cornerstone has expanded its global presence in the past 12 months. In September last year, the company opened a new office in Dubai and posted strong growth in revenue. In August 2022, Cornerstone named James Hickman as CEO.
