Cornerstone Brands is pleased to announce that shareholders have approved the intended acquisition of FXPress Payments Services Ltd, a provider of advanced payment systems as Platform as a Service to SMEs (“FXPress”). The completion of the acquisition is subject to FCA authorisation.
Highlights of the transaction agreed at General Meeting
Following the completion of the acquisition of FXPress and disposal of Cornerstone’s current business, Cornerstone’s strategy is to build a significant business in the provision of international payment services for SMEs. The Directors of the Company believe that there are meaningful opportunities to build the business by developing a broader range of products and services based around a portfolio of technology-enabled international payment services, including allowing customers to maintain their own multi-currency electronic payment accounts. Further steps to grow the business will include a focus on attracting larger SME customers and growing in-house sales capacity.
The Directors of Cornerstone are delighted to have received the overwhelming support of shareholders for their plans to secure the future of the business, thereby creating an opportunity to deliver value. The Directors are excited by FXPress’ strategy to develop its business and be a true disrupter in the market by enabling SMEs to make efficiency gains in the way they conduct international payments. The global payments landscape is in a state of fundamental transformation, with immense opportunities for technology-led businesses such as FXPress. The Directors look forward to seeing them further their growth plans.