Swissquote, a Swiss provider of online brokerage services, has agreed to purchase Luxembourg-based online investment firm Internaxx Bank for €27.7m.

Internaxx tends to around 12,000 clients, mainly international investors and expats, and manages €2bn in assets. The business, founded in 2001, is said to be profitable since 2006.

Internaxx is owned by Interactive Investors, which is controlled by private equity firm J.C. Flowers.

The transaction, which includes goodwill of around 25%, is said to offer Swissquote “unlimited access” to markets in the European Union.

Swissquote

Swissquote CEO Marc Bürki said: “Unrestricted access to the European markets is very important to Swissquote, especially as Brexit draws closer.

“By acquiring Internaxx, we aim to further consolidate our standing as first choice for international clients (expats) thanks to our specialised services.”

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The deal will be funded by Swissquote’s own funds and is subject to regulatory approvals. The Internaxx platform will be progressively integrated with Swissquote.

Internaxx Bank CEO Dave Sparvell said: “Swissquote has the resources, scale and platforms to accelerate our ambition to provide clients with the broadest range of market-leading products and services.”

Swissquote

Swissquote’s executive management consists of the following members: Marc Bürki, Chief Executive Officer, Paolo Buzzi, Chief Technology Officer, Michael Ploog, Chief Financial Officer, Morgan Lavanchy, Chief Legal Officer and Gilles Chantrier, Chief Risk Officer. Marc Bürki and Paolo Buzzi are founding shareholders of the Company and were major shareholders as at 31 December 2016.

Listed on the SIX Swiss Exchange (symbol: SQN) since May 29, 2000, the Swissquote Group has its headquarters in Gland (VD) and offices in Zürich, Bern, Dubai, Malta, Hong Kong and London. The Group currently employs 593 staff.

Swissquote is a member of the Swiss Bankers Association. It holds a banking licence issued by its supervisory authority, the Swiss Federal Financial Market Supervisory Authority (FINMA).