Euronext announced Wednesday that it has acquired Acupay Group, a financial reporting, corporate actions, cross-border tax relief, and securities processing firm.
Euronext Expands Services with Acupay Acquisition
Founded in 2005, Acupay offers a suite of technology services that help cross-border investors avoid double taxation.
Its proprietary solution connects brokers, banks, and securities issuers, enabling custodian banks to prepare tax certificates electronically and allowing investors to effectively manage the impact of foreign withholding tax.
Euronext said the acquisition will further expand its services offering to investors and issuers, leveraging Acupay’s strong presence in Italy and scaling Acupay’s services through Euronext Securities’ network across Europe.
It is said the deal will also strengthen Euronext’s non-volume-related revenue streams.
The company said the deal will be fully financed with existing cash and will not impact Euronext’s deleveraging path.
Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said: “Euronext Securities is today the third largest central securities depository operator in Europe and this acquisition will enable us to offer new value-added services to our clients.
“We are glad to welcome the Acupay team, whose expertise in financial reporting, cross-border tax relief and securities processing will contribute to further reinforcing Euronext Securities’ ability to serve issuers, custodians, brokers and investors across borders.”
Stef Lambersy, President of Acupay, said: “The acquisition by Euronext of Acupay demonstrates the high relevance and quality of our services towards customers and validates our ambitions as a service provider for the future, backed by the pan-European market infrastructure.”
Meanwhile, Robert Apfel, founder of Acupay, said the deal represents a new important milestone in the history of Acupay, underlining the success of the solutions developed by the Acupay team that already fuelled its continued expansion.
“I’m glad to see Acupay joining Euronext as I’m convinced that the collaboration with Euronext Securities will unlock new expansion opportunities,” stated Apfel.
