Investors in Profitable, Growing Service Businesses
Interbank FX Announces $40 Million Investment by Spectrum Equity Investors
Salt Lake City, (July 19, 2007) – Interbank FX, a leading provider of online foreign exchange trading, announced today that it has received a $40 million minority equity investment from Spectrum Equity Investors. The investment supports Interbank FX's agency-execution business model and proprietary technologies, and will further position the company for its next stage of growth. Interbank FX management will retain full operating authority of the company, and there will be no changes to the firm's strategy, operations, personnel or commitment to customer service. Additional terms of the transaction were not disclosed.
Todd Crosland, founder and CEO of Interbank FX said, "We are extremely pleased to have Spectrum Equity make this strategic investment in the Company, and believe this partnership will help Interbank FX achieve its goal of becoming the premier forex trading platform in the marketplace. With their domain expertise and financial resources, Spectrum represents the ideal partner to help Interbank FX capitalize on the tremendous growth opportunities facing the company and to assist our continued innovation in establishing market-leading execution and service offerings."
"Since inception, Interbank FX has distinguished itself as an industry leader with its "no dealing desk", agency-execution business model and customer service focus. We are excited to be involved in the next stage of the company's development," said Vic Parker, managing director of Spectrum Equity Investors. "Interbank FX is a perfect fit for Spectrum, given our firm's experience in technology-enabled financial services, risk management, compliance and online services, as well as our investment focus on rapidly growing, profitable services companies."
"As a result of tremendous growth in online spot forex trading, we have evaluated numerous investment opportunities in this sector over the last five years," said Chris Mitchell, managing director of Spectrum Equity Investors. "We believe Interbank FX represents a unique opportunity to back an accomplished and high-integrity management team in conjunction with an agency-only trading execution model in which company interests are squarely aligned with those of its customers. We believe this alignment will enable Interbank FX to continue the empowerment of its customers via price transparency and industry-leading trading spreads."
About Spectrum Equity Investors
Spectrum Equity Investors is a private equity firm with over $4 billion of capital under management. It partners with management teams of growing companies in information and technology-enabled service industries and helps them develop industry-leading franchises. Select portfolio companies include R.J. O'Brien, the largest independent futures brokerage in the United States; RiskMetrics Group, a leading global provider of risk management analytics and research; Arrowhead General Insurance Agency, the largest private multi-line general agent and program specialist in the insurance industry; World-Check, a leading provider of Know Your Customer (KYC) and Anti-Money Laundering (AML) database information; Net Quote, the largest online source of consumer leads to the insurance industry; and Demand Media, a leading provider of website registration, optimization and monetization services. For more information about Spectrum, visit www.spectrumequity.com.
About Interbank FX
Interbank FX (www.interbankfx.com) is a Futures Commission Merchant (FCM), registered with the Commodity Futures Trading Commission and a member of the National Futures Association (NFA). Interbank FX offers individual traders, fund managers and institutional customers proprietary technology and tools to trade spot foreign exchange online and via wireless devices. Customers execute directly from a streaming quote feed, not from a dealing desk that trades against its customers, and the majority of company revenues are generated by a transparent agency-based spread on transactions. Through Interbank FX's partnership with leading worldwide institutions, traders have access to liquidity in micro-, mini- and standard lots sizes with one click execution. Interbank FX is committed to maintaining a high standard of service that enables customers to focus on trading opportunities in the forex market while managing transaction margin and liquidity risks. Interbank FX has over 17,000 customer accounts in more than 135 countries.
