Playtech continues FX expansion with Ava Trade USD 105M acquisition

Playtech continues its expansion into the financial trading markets, with the announcement that it has acquired currency trading platform Ava Trade for a sum of USD 105M.

In April Playtech began its initial foray into the financial trading market by acquiring forex trading platform Trade FX for USD 224 M. Playtech governance further detailed that the technology provider had been granted €200 M in unsecured credit facility provided by Barclays Bank and the Royal Bank of Scotland (RBS).

The technology provider will utilise the acquisition to expand the development of its financial trading platform and further its client services.

Commenting on the acquisition of Ava Trade Playtech CEO Mor Weizer stated: “The acquisition of the Ava Trade is another important milestone in Playtech’s strategy to expand and enhance its overall technology offering through multiple vertical markets. Since the recent earnings-enhancing acquisition of TradeFX and the creation of our financials division we have sought further opportunities to broaden our reach into this vertical.

“The Ava Group is a well recognised and established online CFD broker with multiple regulatory licences and a strong customer base with insignificant geographical overlap with the TradeFX Group. We are very excited about the opportunities for the Group arising from the combination of the Trade FX Group and the Ava Group which we are confident will deliver long term value for Shareholders.”, added.