SYDNEY: 6 February 2020: Following more than twelve months of talks, Australian owned Forex and Contract for Difference trading provider AxiCorp has announced it will acquire the UK-headquartered trading technology company Star Financial Systems.Under the cash-based deal, AxiCorp will acquire all the technology, staff, operations and licenses of Star, though AxiCorp’s Chief Executive Officer Rajesh Yohannan is quick to point out that doesn’t necessarily represent a signal for radical change.
“We view this as a partnership, not an acquisition”, he says.
“Star has built an enviable reputation and loyal clientele by doing things its own way, under its own direction, and we’re not concerned with trying to change that. What AxiCorp can and will do is add greater liquidity and risk management to the already excellent trading platform APIs and back office infrastructure.”
Dan Moczulski, Chief Executive Officer at Star Financial Systems, echoes those comments and says that synergy was significant in sealing the deal.
“I’m delighted Axi liked our approach and wanted to invest in it”, he says.
“Given AxiCorp’s focus on continued growth and expansion, our expertise providing stable trading infrastructure in the multi-asset arena is a natural fit. We’ve now got the opportunity to bring our integrated service to thousands more clients around the world”
The acquisition of Star is the latest in a busy period of purchases for AxiCorp which has seen them bring the likes of One Financial Markets (OFM) and AxiForex under their corporate umbrella. In a highly competitive industry where consolidation plus regulatory and technological change are cited as looming threats, acquisitions have increasingly become a part of AxiCorp’s strategy.
Says Yohannan, “Most obviously this approach greatly strengthens our end-to-end service and makes Axi a more compelling choice for traders – for example the addition of Star immediately gives us greater flexibility with what we can offer IB partners and affiliates – but it also encourages future business investment. With each successful acquisition we’re able to prove to potential partners that we have a clear strategy in place, are focused on growth and have the ability to integrate.”
“I’m proud of the way AxiCorp provides a wide range of products through market leading platforms, but we’re aware that clients want increased flexibility not just on what they trade, but how they trade. The partnership with Star means we’re able to offer thousands of asset classes, across multiple trading interfaces, optimised specifically to each and every client and institutional partner.”
With 2019 reports showing AxiCorp and its flagship AxiTrader brand experiencing upward results across the board – from increasing and record trading volumes and new trading accounts through to social media influence – the company begins 2020 firmly entrenched in the upper echelons of brokers worldwide, a position from which Yohannan says they will build further.
“With AxiCorp’s own specialties plus the collective strength of new partners like Star, I’m extremely confident that we’ll continue growing and keep working towards our goal of being the world’s foremost online broker.”