Toronto-based OANDA Corp, a provider of foreign exchange trading services, has acquired the Boston, Mass.-based Currensee Global Inc, which conducts forex market copy trading within a proprietary social trading network. The financial terms of the deal were not disclosed. OANDA is backed by several U.S. venture capital firms and other investors, including Cascade Investment, Index Ventures, Legg Mason, New Enterprise Associates and T. Rowe Price. The company has since 2005 raised over US$117 million in Series A and B funding rounds.
OANDA Announces Acquisition of Social Forex Trading Network
Currensee Acquisition Reaffirms OANDA’s Commitment to Growth and Market Leadership
NEW YORK; September 24, 2013
OANDA, a pioneering global provider of innovative foreign exchange trading services, today announced that it has acquired Boston-based Currensee Global Inc., a leader in forex market copy trading within a proprietary social trading network. Together, the integration of the two leading technology platforms from OANDA and Currensee will provide traders with a unique offering.
Copy trading, a method by which traders can mirror the trading behavior of experienced forex investors from around the world, has realized tremendous growth in recent years. In addition, copy trading makes it possible for individual traders to share research data and collaborate with other traders.
“With the acquisition of Currensee’s award-winning copy trading platform, OANDA’s clients will benefit from the collective experience of Currensee’s extensive community of traders,” said K Duker, CEO, OANDA Corporation. “Like OANDA, Currensee has a strong business vision coupled with an expert engineering pedigree. We are committed to continue serving the needs of all Currensee customers, Trade Leaders, and partners and look forward to making OANDA’s competitive spreads and superior execution available to this new group of traders.”
Technical teams are scheduled to begin the work to make the Currensee platform available to OANDA clients and a notice will be issued once this work is completed.
“The Currensee team is excited to join forces with OANDA, a company that shares our commitment to transparency and customer success,” said Dave Lemont, CEO, Currensee. “Our clients and partners will continue to receive best-in-class service from Currensee, and can expect even more as we work closely with OANDA to deliver an even better Trade Leaders Investment Program around the world.”
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Questions about the acquisition? Please refer to Merger General Information FAQ.
OANDA Corporation has transformed the business of foreign exchange through an innovative approach to forex trading. The company’s leading online trading platform, fxTrade, introduced a number of firsts to the marketplace, including immediate execution; instant settlement on trades; trades of any size between one unit and 10 million units; and interest calculated by the second. The company’s many awards attest to the power and flexibility of its trading platform. In 2012, OANDA was named “Best Forex Provider” by the Financial Times and by Investors Chronicle; “Best FX Broker” by Forex Magnates; and was recognized by Investment Trends Singapore as providing “Best Value for Money” and “Highest Overall Client Satisfaction”.
OANDA was the first online provider of comprehensive currency exchange information, and today the company’s OANDA Rate® data are the benchmark rates for corporations, auditing firms, and global banks.
OANDA has five offices worldwide, in Chicago, London, Singapore, Tokyo, and Toronto. OANDA is fully regulated by the U.S. Commodity Futures Trading Commission (CFTC), the U.S. National Futures Association (NFA), the Monetary Authority of Singapore (MAS), the Investment Industry Regulatory Organization of Canada (IIROC), the UK Financial Conduct Authority (FCA), and the Japanese Financial Services Agency (FSA).
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