Global Reach Group has acquired key elements of the Canadian operation of EncoreFX, a Victoria, British Columbia-based provider of foreign exchange risk management solutions and global payment services. No financial terms were disclosed for the deal, which marks Global Reach’s expansion into Canada. Britain’s Global Reach has been backed by Inflexion Private Equity since 2016.
Global Reach expands into Canada
14th May 2020
Global Reach Group, a leading provider of foreign exchange risk management and payment services, has further enhanced its global footprint after acquiring key elements of EncoreFX’s Canadian operation. This is the latest step in the Group’s international expansion plan, following its entry into Spain and the Netherlands in 2019.
Global Reach has now established a presence across Canada, with branches in 8 locations, and has welcomed staff from EncoreFX Canada into the Group. The acquisition ensures that Canadian customers looking for high-quality FX services and hedging solutions will continue to have a wide choice of providers.
Founded in 2001 and headquartered in the UK, Global Reach now has operations in six countries, including offices in South Africa and Cyprus. In 2016, Inflexion Private Equity invested in Global Reach, to support the Group’s ambitious growth strategy.
Nicholas Fullerton, CEO at Global Reach Group, commented: ‘This is another important milestone in the growth of Global Reach Group, as we continue to strengthen our business and expand into new geographies. We are pleased to welcome our new colleagues in Canada to the Group and look forward to collaborating with their talented and well-established team. This is a challenging time for everyone, and the health and wellbeing of our people everywhere remains our top priority.’
Paul Lennox, President of Global Reach Canada, said ‘It is a pleasure to be joining Global Reach Group and I look forward to working closely with Nicholas and the wider team. We are excited to begin building upon our shared strengths to maintain excellent service for our clients, while taking advantage of the Group’s innovative technology offering to enhance our customer experience. Our team shares many similarities with Global Reach, and we look forward to contributing to the continued success of the Group.’