Cornerstone FS PLC (AIM:CSFS) has agreed the acquisition of UK specialist FX and treasury consultancy Pangea FX for up to £200,000.
Founded in 2017, Pangea FX helps corporate clients control the impact of currency volatility on their business.
It was founded by Joe Jones and Stuart Plummer, who previously worked at Vorto Trading, which is Cornerstone's largest white label partner, alongside Robert O'Brien, who is now the group's chief operating officer and general manager for the Asia Pacific and Middle East region.
The board of Cornerstone, which itself provides cloud-based international payment, currency risk management and electronic account services to SMEs, said it believes the addition of Pangea will not only add its existing client base, but also accelerate the group's growth through the addition of two senior sales executives in the form of Jones and Plummer, who will be responsible for leading the group's sales function.
Jones will be based in the group's London headquarters and Plummer in Dubai, where the group opened an office last September, run by O’Brien.
“Joe and Stuart have done an excellent job of building the Pangea FX business and we look forward to benefitting from their skills and experience, both in the UK and in Dubai,” said Cornerstone chairman Gareth Edwards.
“As we stated at the time of our fundraising, our intention was to invest in our sales team to drive growth and we believe this is the optimum means of achieving that as we also gain a book of business in the short term, which we expect to be significantly expanded going forward.”
Other operational synergies from the deal will include closing the Pangea office and relocating its employees to the group's main office.
Jones and Plummer will each be granted 550,000 options in the company's share option scheme as part of their remuneration, with the options vesting based on relevant performance criteria after two years at a price of 10p per share.