OANDA has acquired GFM Solutions Group, a risk management and financial reporting company offering software that enables corporate treasury, accounting and finance teams to better manage the impact of currency-related exposure in their business. The purchase marks the first acquisition OANDA has made since being bought by CVC Capital Partners (CVC) Asia Fund IV in May 2018 (subject to regulatory approvals) and will further build on OANDA’s existing corporate FX solutions, helping treasurers and finance directors mitigate currency risk and optimise efficiencies.
Vatsa Narasimha, CEO and President of OANDA, commented, “OANDA’s data and analytics business is one of our key business divisions, already well established as the pre-eminent source of currency data for world-leading institutions and corporations. The acquisition of GFM complements our existing currency data offering by providing a comprehensive analytics solution that enables corporate clients to effectively manage their currency exposure.”
GFM is the first in a number of strategic acquisitions that OANDA is looking to complete in the next 18 months following the change of ownership to CVC Capital Partners. Managing Partner of GFM, Charles Brobst will join OANDA as Managing Director of the firm’s Analytics division. He commented on the deal, “Trusted for accuracy and reliability by some of the world’s leading top audit firms, multinational corporations and tax authorities, OANDA’s currency data is widely regarded as the gold standard, so it made perfect sense for the GFM team to join forces in order to help clients reduce currency exposure and mitigate risk. We’re very much looking forward to working together over the coming years.”