Currency Exchange International Corp., a foreign exchange technology and service provider, has acquired eZforex.com Inc., a Longview, Texas-based privately held foreign-currency and technology business.
Currency Exchange International, or CXI, acquired 100% of the issued and outstanding shares of eZforex's capital stock for about $4.3 million, including $1 million in net positive working capital left in eZforex on the deal's completion date.
The transaction was financed from CXI's available cash resources and did not require additional external financing. CXI management expects the transaction to be accretive to its annual EBITDA results starting in 2020.
About half of eZforex's staff will be retained after the acquisition.
