Euronext announced on Wednesday that it has acquired Acupay Group, a financial reporting, corporate activities, cross-border tax relief and securities processing company.
Founded in 2005, Acupay offers a suite of technology services that allow cross-border investors to avoid double taxation.
The company’s unique solution connects brokers, banks, and securities issuers to enable custodial banks to electronically generate tax returns, enabling investors to effectively manage the impact of foreign withholding taxes.
With this acquisition, Euronext will further expand its service offering to investors and issuers by leveraging Acupay’s strong presence in Italy and expanding Acupay’s services through Euronext Securities’ pan-European network. said.
The partnership is said to strengthen Euronext’s non-volume-related revenue streams.
The company said the deal will be fully funded with existing cash and will not impact Euronext’s deleveraging path.
Stefan Buzina, CEO and Chairman of the Board of Euronext, said: “Euronext Securities is currently Europe’s third largest central securities depository and this acquisition will enable us to offer new value-added services to our customers.”
“We are pleased to welcome the Acupay team. Their expertise in financial reporting, cross-border tax relief and securities processing will continue to grow at Euronex, which serves issuers, custodians, brokers and investors across borders. This will contribute to further strengthening our securities capabilities.”
Steph Lambersey, Managing Director of Acupay, said: “The acquisition of Acupay by Euronext demonstrates the relevance and quality of our services to our customers and positions us as a future service provider backed by a pan-European market infrastructure. This is a testament to our ambition.”
Meanwhile, Acupay founder Robert Apfel said the agreement represents another important milestone in Acupay’s history and highlights the success of the solutions developed by the Acupay team, which has already facilitated continued expansion. He said that
“We are pleased that Accupey is joining Euronext, as we believe that our partnership with Euronext Securities will open up new expansion opportunities,” Apfel said.
https://www.leaprate.com/forex/platforms/euronext-expands-services-with-acupay-acquisition/
