The founders of Forex technology provider Leverate have reached an agreement to buy back the company shares held by Saxo Bank. This brings to a close a partnership begun in 2011, when Saxo Bank invested $12.5 million for a 25% stake the firm which helped fuel a period of rapid growth for Leverate.
The size of the transaction in which Leverate has agreed to buy back the shares has not been disclosed.
According to Chairman of the Board of Directors Doron Cohen, “This exchange is happening at a fortuitous time for both Saxo and Leverate. Saxo has decided to streamline their portfolio in order to refocus on core business objectives, and the founders of Leverate are interested in having more control over our company’s direction as we cultivate our brand globally.”
Mr. Cohen continued that “We appreciate the opportunity for growth that we were afforded through Saxo’s investment.”
“We are grateful to have had Saxo as a partner, and we plan on maintaining our positive relationship going forward,” added CEO Ran Strauss. “We will continue to work with Saxo in an ongoing basis, both as a service provider and as a client.”
Bjørn Krog Andersen, Board Member of Leverate appointed by Saxo Bank, said, “Today’s announcement is in line with Saxo Bank’s overarching strategy of focusing on the Bank’s core competencies within trading and investment and enhancing shareholder value.
“Saxo Bank’s ambition is to continue to innovate to meet the trading needs of our clients and empower them to seize opportunities in the market. At Saxo Bank, we are delighted to continue working with Leverate n a client capacity. 2015 is set to be an exciting year for our clients,” added Mr. Andersen.