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OANDA To Continue as a standalone business
Private equity firm CVC has agreed to sell global trading platform OANDA to FTMO group, a Czech-based provider of trading education services. The deal, which requires regulatory approval, comes after a significant transformation of OANDA under CVC's ownership since 2018.
OANDA, established in 1996, has evolved from its origins as a provider of free online exchange rate data to become a comprehensive digital trading platform. The company serves retail and corporate clients globally through regulated entities in major financial centres including New York, Toronto, London, Warsaw, Singapore, Tokyo and Sydney.
During CVC's ownership period, OANDA underwent substantial changes under new leadership. The company appointed Gavin Bambury as CEO in 2019 and invested heavily in technological infrastructure, including establishing a dedicated back-end operation in Poland and developing a mobile-first trading platform.
Reflecting on the transformation, CVC Managing Partner Siddharth Patel said: "It has been a privilege to support OANDA's transition, from the recruitment of a new management team under Gavin Bambury, who joined us in 2019, to deep investment in technology, product and operations. The team have taken OANDA from a regional foreign exchange provider to a fully diversified offering, whilst building upon its historic strengths in regulatory compliance and best-in-class customer support."
OANDA's CEO Gavin Bambury emphasised the company's development, stating: "Providing world-class multi-asset trading capabilities with a client-focused mindset is our singular purpose at OANDA. We are well positioned for future growth thanks to a global footprint of licenses, OANDA's trusted brand, the scalable technology platform and the broad offering we provide to our customers. We thank CVC for their confidence in us and support of our mission of transforming OANDA into the global leader it is today. We are excited to continue delivering on our strategy under FTMO's ownership."
The acquisition marks a significant expansion for FTMO, which was founded in 2015 and has gained recognition as one of Central Europe's fastest-growing technology companies, winning the Deloitte Fast 50 competition five times. The company's founders have also received recognition as EY Technology Entrepreneurs of the Year 2022 in the Czech Republic.
FTMO's co-founders, CEO Otakar Šuffner and CTO Marek Vašíček
FTMO's co-founders, CEO Otakar Šuffner and CTO Marek Vašíček, outlined their vision for the acquisition: "The acquisition of OANDA is a key step in fulfilling our long-term vision. We believe it will be highly beneficial for all relevant market participants, including the existing and prospective customers of both FTMO and OANDA. We are delighted to welcome OANDA's existing management team, whose track record in complex, regulated markets, strong expertise in risk management and customer-centric philosophy fully complements FTMO's own vision and strategy. We look forward to building together a unique, comprehensive trading powerhouse group of companies that has not existed in the market until now."
Following the completion of the transaction, FTMO intends to operate OANDA as a standalone business. The deal was supported by financial advisers Nomura and Santander for CVC, with Milbank (Hong Kong) LLP providing legal counsel. J.P. Morgan acted as financial adviser to FTMO, while Latham & Watkins LLP served as legal adviser.
CVC, which manages approximately €191 billion in assets through its global network of 30 offices, has maintained a significant presence in Asia since 1999. The firm's Asia private equity strategy focuses on investments ranging from €250 million to €1.5 billion in consumer and services sectors across the region.
