Online contracts-for-difference (CFD) broker Plus500 said it has fully acquired Cunningham Commodities and Cunningham Trading Systems. The company announced the acquisition deal on April 21 as part of its plans to expand its operations in the US.
According to Plus500, the main goal is to have more opportunities to expand in the future via targeted acquisition and organic investments. The latest acquisition seems to fall in line with the firm’s objectives.
More expansion in the US market
Cunningham is registered with the US Commodity Futures Trading Commission (CFTC) as a Futures Commission Merchant (CFM) the company is also a clearing member of the Chicago Board of Trade as well as a member of the National Futures Association (NFA).
Plus500 says with the exposure that Cunningham Trading Systems (CTS) has in the US futures market, the acquisition will help the firm have a solid standing in the US market.
Chief Executive Officer of Plus500, David Zruia, commented on the development. “We are delighted to announce the completion of the Cunningham and CTS acquisition,” he stated.
Zruia added that the existing infrastructure Cunningham and CTS as well as Plus500’s best-in-class technology will lasting investor value. He also stated that the deal will ensure the development and scaling up of the business in the growing US market.
Repositioning the company
Plus500 has experienced impressive growth since the turn of the year. It also increased its active customer base in Q1 2021 as well as a significant increase in revenues at the same period.
Plus500 has also been very active in its internal affairs and human resource management. Earlier in March, the company appointed a renowned global economist Professor Jacob Frenkel as Chairman of its Board of Directors. Frenkel has over 4 decades of experience in global macroeconomics.
Plus500 stated that the acquisition of Cunningham will allow the firm to further establish its position in the global multi-asset Fintech Group.