NAGA Group has successfully completed its merger with
Key Way Group, the parent company of CAPEX.com. This merger, which received all
necessary regulatory approvals within six weeks, aims to enhance NAGA’s global
footprint and drive cost efficiency, EQS News reported.
Expanding User Base
The merger has positioned NAGA Group as one of the
notable neo-brokers globally, with approximately 1.5 million users spanning
over 100 countries. The integration of CAPEX.com’s user base into NAGA’s
ecosystem is expected to introduce users to a range of features and services,
setting the NAGA SuperApp apart from competitors.
NAGA’s strategy includes leveraging common technology
across the entire group to streamline operations and reduce costs. The group
anticipates cost savings of up to EUR 9 million per year, a figure that had
previously been projected at USD 10 million. The immediate focus will be on
harnessing synergies in technology, regulatory processes, and customer
acquisition efforts.
Commenting on the merger, Octavian Patrascu, CEO of
The NAGA Group, expressed enthusiasm about the opportunities ahead. “I’m
thrilled about the successful merger and the new opportunities it brings. We’ve
executed this as planned, setting the stage to focus on synergies and drive
growth,” said Patrascu. He emphasized the importance of maintaining NAGA’s
innovative spirit while embracing the efficiencies of a more structured
organization.
User Migration to NAGA
The migration of CAPEX.com’s existing users to the
NAGA platform is scheduled to begin in the coming days. This transition will
provide CAPEX users with access to NAGA’s extensive offerings, including social
trading, neo-banking, and cryptocurrency trading, significantly enhancing the
user experience. The positive impact of these synergies is expected to
generate an EBITDA effect of around EUR 4 million annually.
Last month, the required regulatory approvals were granted for the merger of NAGA Group and CAPEX.com. The deal, involving
CAPEX.com, operated by Key Way Group, was initially announced in 2023. In April, the proposed transaction was approved by the
shareholders of the publicly listed NAGA. The approval came despite a notable
revenue decline, a net loss, and 40% staff cuts last year, the supervisory
board of the publicly listed NAGA Group AG (XETR: N4G).
NAGA’s revenues declined 32% from €57.6 million
announced in 2022 to €39.7 million in 2023. The financial results significantly
declined from those reported at the beginning of this year.
NAGA Group has successfully completed its merger with
Key Way Group, the parent company of CAPEX.com. This merger, which received all
necessary regulatory approvals within six weeks, aims to enhance NAGA’s global
footprint and drive cost efficiency, EQS News reported.
Expanding User Base
The merger has positioned NAGA Group as one of the
notable neo-brokers globally, with approximately 1.5 million users spanning
over 100 countries. The integration of CAPEX.com’s user base into NAGA’s
ecosystem is expected to introduce users to a range of features and services,
setting the NAGA SuperApp apart from competitors.
NAGA’s strategy includes leveraging common technology
across the entire group to streamline operations and reduce costs. The group
anticipates cost savings of up to EUR 9 million per year, a figure that had
previously been projected at USD 10 million. The immediate focus will be on
harnessing synergies in technology, regulatory processes, and customer
acquisition efforts.
Commenting on the merger, Octavian Patrascu, CEO of
The NAGA Group, expressed enthusiasm about the opportunities ahead. “I’m
thrilled about the successful merger and the new opportunities it brings. We’ve
executed this as planned, setting the stage to focus on synergies and drive
growth,” said Patrascu. He emphasized the importance of maintaining NAGA’s
innovative spirit while embracing the efficiencies of a more structured
organization.
User Migration to NAGA
The migration of CAPEX.com’s existing users to the
NAGA platform is scheduled to begin in the coming days. This transition will
provide CAPEX users with access to NAGA’s extensive offerings, including social
trading, neo-banking, and cryptocurrency trading, significantly enhancing the
user experience. The positive impact of these synergies is expected to
generate an EBITDA effect of around EUR 4 million annually.
Last month, the required regulatory approvals were granted for the merger of NAGA Group and CAPEX.com. The deal, involving
CAPEX.com, operated by Key Way Group, was initially announced in 2023. In April, the proposed transaction was approved by the
shareholders of the publicly listed NAGA. The approval came despite a notable
revenue decline, a net loss, and 40% staff cuts last year, the supervisory
board of the publicly listed NAGA Group AG (XETR: N4G).
NAGA’s revenues declined 32% from €57.6 million
announced in 2022 to €39.7 million in 2023. The financial results significantly
declined from those reported at the beginning of this year.
This post is originally published on FINANCEMAGNATES.
