FairFX, part of payments firms Equals Group, has taken over the international payments unit of Hermex International (HermexFX).

HermexFX is a unit of FXPro Group. FairFX paid £2m in cash for the transaction.

For the year ended 30 June 2019, the acquired entity posted £1.8m in revenue. Its gross assets at the end of June 2019 totalled £0.2m.

Equals expects the deal to immediately add to its earnings.

The takeover is aimed at developing the company’s corporate segment and aligns with its plan to consolidate “smaller, attractive market participants”.

According to Equals, the deal also aligns with its “stated core strategies of extracting value from increasing economies of scale”.

Commenting on the transaction, Equals CEO Ian Strafford-Taylor said: “This acquisition further demonstrates the ambition of the Group to be a dominant force in the payments market.

“Utilising our proprietary technology and outstanding operations teams we are able to absorb businesses like HermexFX extremely efficiently.

“The acquisition also shows our commitment to pursuing our strategy of achieving cost efficiencies through scale.”

As part of the deal, HermexFX CEO and founder Kyrillos Kyriacou moved to Equals.

As per the agreed terms, Kyriacou subscribed £1m for 851,063 shares in Equals at an issue price of £1.175 a share.