CFH Group has entered into an agreement to purchase 50% of voting stock of Boston Technologies Inc. and Boston Prime Ltd in an all-cash transaction from Boston Technologies' co-founder and partner, Kevin Millien. The deal is expected to close within days, pending final due diligence.
As part of the agreement, CFH Group has appointed Kevin Millien as a strategic consultant. His role will be to identify business and technology synergies between Boston Technologies and the individual companies within the CFH Group.
Commenting on the transaction, Christian Frahm, CEO of CFH Group says, "I believe that this transaction is highly accretive for both Boston Technologies' prime of prime business and our own. Both organisations have proven to be leading innovators in the global FX market with cutting-edge technology. I am confident that this deal will fuel significant growth for both organisations."
Kevin Millien adds, "CFH has built a successful brand by leveraging its experienced management team, strong client relationships and a well-honed technology focus to enable all stakeholders to realize the full potential of their business. It has quickly become the global leader in Prime of Prime Clearing and is renowned for providing best-of-breed technology to banks and brokerage houses across the globe. I am looking forward to collaborating with CFH Group to capitalize on the opportunities which this deal creates."
After co-founding Boston Technologies in 2008, Kevin Millien joined the company on a full-time basis in 2009 as a 50% equity partner and had retained his ownership in the business when he left the company in 2013. Boston Technologies is repeatedly cited as one of the fastest growing young companies in America, with revenues of $20.5m in 2013. As a Director of the company, Kevin was instrumental in achieving this success and driving the business forward.