Social trading focused online broker The NAGA Group AG (ETR:N4G), provider of the all-in-one financial SuperApp NAGA, has announced that the company has successfully completed its strategic merger with Key Way Group Ltd., operator of the CAPEX.com online brokerage brand, as first announced in December last year, and around six weeks after receiving all regulatory approvals. As such, the resolution of the company’s Extraordinary General Meeting of 12 April 2024 was implemented as planned by the end of August 2024.
All organizational changes at NAGA were already completed with effect from 21 August.
The merger of NAGA and CAPEX.com has formed one of the world’s leading neo-brokers with around 1.5 million users in over 100 countries. The migration of existing users from Key Way Group’s trading platform CAPEX.com to the NAGA ecosystem will begin in the next few days. As a result, existing CAPEX.com users can now enjoy numerous new features and extensive service enhancements that clearly set the NAGA app apart from the competition.
The NAGA Group expects the migration of CAPEX.com users into its own platform, as well as other operational and licensing synergies to generate total cost savings of up to EUR 9.0 million (previously announced as USD 10.0 million) per year. As a first step, the use of common technology for all Group users is expected to yield a positive EBITDA effect of around EUR 4.0 million per year for the Group as the migration becomes effective in the coming months.