Intl FCStone Inc.'sLondon-based Intl FCStone Ltd. has entered an agreement to buy Giroxx GmbH, a Frankfurt, Germany-based provider of online payment and hedging services to small and medium-sized enterprises in Germany, Austria and Switzerland, according to a company press release.
The agreement completes a series of acquisitions and internal restructuring moves by Intl FCStone to ensure that company could maintain continued market access and continuity of service for clients following Brexit, which is being implemented by the U.K. government.
"Our objective is to offer SME's the ability to hedge all parts of their production processes, and to allow all these corporates to have access to a digital payments and hedging platform," Carsten Hills, global head of Intl FC Stone's Global Payments Division, said in the release. "We are clearly one of the first in this market segment to offer such a comprehensive offering and we are excited about this opportunity."
Intl FCStone, last week, announced the acquisition of IFCM Commodities, a Hamburg-based firm that provides commodity price risk management solutions to the metals business to European companies.
The Global Payments Division works with a network of more than 350 banks worldwide and facilitates payments in more than 140 local currencies used in 175 countries worldwide.
The acquisition is subject to approval by the German BaFin regulator.
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