It is being a very ordinary summer, huh? Not much volatility going on in the market. Hybernation for both market and forex industry is prevailing for the last few weeks. Thanks to IronFX, we have some significant news to talk about. And it is a good one for the industry.
IronFX, which is based in Cyprus and regulated by CySEC, ASIC and FCA, has announced that the firm managed to attract investment worth of $100 million from a wealthy Middle Eastern family (oil?). The payment is to be made in tranches and the first tranche is already delivered with remaining tranches to be delivered in next 12 months.
The Company aims to use the funds to acquire existing forex brands as well as for the process of developing new brands and services in the sector. I haven’t made this up guys, this is what the official announcement says. So expect follow up headlines about acquisitions in the industy regarding IronFX. Perhaps something like this ”IronFX to Complete FXDD Acquisition” ;).
This is the full announcement from IronFX about the $100 million investment deal:
IronFX (the “Company”) has successfully concluded an agreement with a prominent MENA region family office investor for a strategic investment of $100 million, which will be made in tranches to fund its growth capital needs.
IronFX is aiming to expand its markets of coverage and launch additional brands, as well as, acquire existing brands and books of business. The initial investment into the Company has already been completed.
The additional investment tranches are set to be completed during the course of the next twelve months and will be subject to regulatory approvals.