27th Apr 2015 07:18
LONDON (Alliance News) - TechFinancials Inc Monday said it has won a series of new contracts in Europe and the Gulf region and said it has appointed a new chief executive for its online broker arm, as shareholder Teathers Financial PLC said it has sold its stake in the company.
TechFinancials, which provides trading software to online brokers, said it has secured seven deals with brokers in Europe and has signed a new contract in the Gulf region. It did not provide any details on the clients nor the value of the contracts won.
The company also said an existing customer in Asia has entered the Chinese market via a deal with a local partner. The company is intending to expand its presence in China and intends to open an office in the country in the near future, it said.
TechFinancials also said it has appointed Jonathan Shkedi as the chief executive of OptionFair, its online broker division.
"TechFinancials is very pleased to have made significant progress in diversifying its global product offering by signing contracts with eight new brokers covering various target markets of the group," said TechFinancials Chief Executive Asaf Lahav.
"We are also pleased to have appointed the company's management team. The company believes Shkedi's experience will be a vital asset in moving forward with the group's strategy to extend its global reach," Lahav added.
The contract wins were announced as Teathers Financial, an AIM-listed investing company, said it ha sold its entire investment in TechFinancials for GBP121,145, representing a 21% profit on its original investment. It sold 379,371 shares in the company, valuing the shares sold at 31.93 pence.
Shares in TechFinancials were down 1.5% to 33.5 pence on Monday morning, while Teathers shares were up 5.6% to 4.75 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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