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Plus500 to Acquire Cunningham Commodities
According to an official announcement, the acquisition will be the first entry of Plus500 into the US futures & options on the futures market. Plus500 is planning to expand the company’s product offering in the US market.
Commenting on the latest announcement, David Zruia, Chief Executive Officer of Plus500, said: “We are delighted to announce Plus500’s first acquisition and first entry into the US market. With a combination of Plus500’s best-in-class technology and Cunningham’s and CTS’s existing infrastructure, we expect to develop and scale the business in the growing US market and deliver long-term shareholder value. The acquisition represents an important strategic step for Plus500 as we continue to transition into a global, multi-asset fintech group.”
The total acquisition consideration of nearly $30 million will be funded from Plus500's existing cash balances and paid on completion. Plus500 reported strong financial results for the first three months of 2021. The broker saw $203.2 million in revenue during Q1 of Plus500石油交易 2021, which is a jump of 121% compared to Q4 of 2020.
Cunningham Commodities
Based in Illinois, Cunningham Commodities is a regulated Futures Commission Merchant. The company generated gross revenue of around $19 million in 2020 and reported profit before tax of approximately $0.6 million.
"We are very pleased to become part of Plus500, given its focus on technology and innovation and its strong track record of growth, as we look to grow and enhance Cunningham and CTS over time. We are looking forward to a successful future together as we take the businesses to the next level of their development," Bill Cunningham, Andrew Busby and Nate Ostrye, the Founders of Cunningham and CTS mentioned in a joint statement.
In March 2021, Plus500 proposed the appointment of Professor Jacob A. Frenkel, a well-known global economist, as Chairman of the company’s Board of Directors.