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Screenshot of a breaking news alert e-mail from Q2 2017
Californian non-bank provider of global payment and risk management solutions AFEX yesterday announced the acquisition of GFX Partners, a payment and FX company headquartered in Toronto, Canada, further attesting to the current vast interest in merger and acquisition activity among North America’s FX firms.
According to AFEX, this strategic acquisition will strengthen the company position in the Canadian markets as well as its overall North American presence, and follows the acquisition, earlier this year, of the payments and FX business of Jameson Bank, also headquartered in Toronto.
GFX’s existing client base will be integrated within AFEX’s extensive network, which has a strong presence in the United States, United Kingdom, Europe, Middle East, Asia and Australia.
Canada is a key strategic market for AFEX, boasting a developed import and export economy. GFX served over 700 foreign exchange and international payments clients and the acquisition will see AFEX continue to work with those companies, offering small to medium sized businesses the attention normally reserved for large multinational companies.
Christian Spaltenstein, General Manager of the Americas for AFEX, will oversee the new offices. “Following on the heels of the seamless acquisition of Jameson Bank’s FX business, we’re confident that GFX’s clients will benefit from AFEX’s high-touch service model,” said Spaltenstein. “Given the number of Canadian businesses that rely on import and export, managing payment and FX risk is a key concern. We look forward to working with a growing number of Canadian businesses as they address their global payment, treasury and risk management needs.”
“Joining with AFEX will give our clients access to a network of international payment and risk management solutions, vital for Canadian companies conducting business on a global scale,” said Michael J. Smith, President, GFX. “We’re excited about these new opportunities and look forward to continuing to support our clients.”