NewMarkets International Announces its Acquisition by Commonwealth Foreign Exchange
Acquisition Makes Commonwealth A Leader in Online Foreign Exchange Services
SAN MATEO, California.—September 18, 2002-- NewMarkets International today announced that it has been acquired by Commonwealth Foreign Exchange based in Walnut Creek, California. Terms of the transaction were not disclosed.
Commonwealth will acquire substantially all of the assets of NewMarkets and will continue to provide foreign exchange services to NewMarkets customers using the NewMarkets technology platform.
"We're excited to join an established foreign exchange company as Commonwealth and for the opportunity to play a key role in the Commonwealth’s fast growth going forward" said Bill Kellar, President and CEO of NewMarkets.
"We see this acquisition as further confirmation that the strategic direction we've established over the last year is both highly desirable and on target to deliver products that will set the new standard in online foreign exchange services." said Tim Cote co-Founder of Commonwealth Foreign Exchange " We look forward to continuing the tradition of superior execution and service set by NewMarkets."
NewMarkets International delivers foreign exchange services, multi-currency pricing and global settlement functions through leading-edge technology to companies, banks and trading partners. The Company aggregates the foreign exchange trade flows of its clients to provide volume-discounted rates traditionally only provided by large banks to their best corporate customers. Headquartered in San Mateo, California, the company has received funding from premier venture capital firms including Accel Partners, Draper Fisher Jurvetson, JAFCO America, Menlo Ventures, and Softbank Corporation.
Gaurang Desai advised NewMarkets International on this transaction.