
IFS calls in receivers, seeks buyer
"It was a shock to many people, but the capital markets have changed a lot in a short time. We have seen a lot of cutbacks and the focus is going back to profitability," said an IFS spokesperson.
Sources said that last year’s purchase of fellow FX technology firm Dene International was the catalyst that led to IFS’s problems. Following the takeover, IFS found itself supporting an additional 30 staff but projected revenues failed to materialise, these sources claimed. The companies demerged in March, but IFS was left with a large number of staff and a drop in sales of MarginMan.
Around 30 positions were axed in May, sources said, but the move was not enough to hold off the receivers.
But IFS remains confident a buyer will soon be found. "We are confident there will be a buyer for the company within weeks and we have seen a high level of interest," the IFS spokesperson said. "We have a large customer base and everyone sees the business as viable."
The spokesperson added that IFS’s customer base had responded well to the news. "We have contacted all MarginMan customers and received a great amount of support in terms of sticking with the company."
IFS had signed agreements to link its products to three multi-bank FX portals, FXall, Currenex and Atriax. An Atriax spokesperson said its agreement with IFS involved no financial commitments. Currenex will also remain unaffected by the situation at IFS, a spokesperson claimed.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on Technology
Regulation
French regulator questions need for share trading equivalence
Esma’s reinterpretation ahead of Brexit reduces need for equivalence system, says AMF official
Receive this by email