Plus500 Ltd agreed to acquire Cunningham Commodities LLC. and Cunningham Trading Systems LLC. for $30 million in April 2021.
July 20, 2021, | AtoZ Markets – Plus500 Limited, a Cypriot-based online CFD provider announced Tuesday that it has completed the acquisition of all of the membership interests of Cunningham Commodities LLC and Cunningham Trading Systems LLC.
Established in 1982, Cunningham is based in Illinois and registered as an FCM with the Commodity Futures Trading Commission (CFTC). It is a member of the National Futures Association (NFA) and is a clearing member of the Chicago Board of Trade, Division of CME Group, Inc. (CBOT).
The acquisition, first announced on April 20, 2021, represents a major growth opportunity for Plus500 and is aligned with the Group’s strategy of accessing future growth through both organic investment and targeted bolt-on acquisitions.
Together with the recent launch of the Group’s proprietary share dealing platform, in selected geographies, the acquisition represents another significant step in Plus500’s transition towards becoming a global multi-asset Fintech Group with a diversified product portfolio.
This has been achieved through this acquisition by ensuring the Company can instantly expand its geographic footprint and product offering in the significantly growing, but under-penetrated, US retail trading market in futures and options on futures.
The deal is expected to deliver a substantial opportunity for Plus500 to leverage its best-in-class technology to enable market access to the millions of US retail investors looking for new trading opportunities. Plus500 will continue to look for additional bolt-on acquisitions, to help facilitate its strategic objectives and further drive long term shareholder value in the future.
David Zruia, Chief Executive Officer of Plus500, commented:
“We are delighted to announce the completion of the Cunningham and CTS acquisition. 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 further establish our transition into a global multi-asset Fintech Group. We are excited by the significant potential opportunity derived from this acquisition and the initial development of Plus500’s footprint in the sizable and growing US market.”
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