##{"id":98142,"date":"2021-11-23T12:11:00","date_gmt":"2021-11-23T01:11:00","guid":{"rendered":"https:\/\/www.fnarena.com\/index.php\/2021\/11\/23\/omg-openmarkets-group-extends-pre-ipo-to-17-8m-due-to-record-growth-acquires-cannon-trading\/"},"modified":"2021-11-23T12:11:00","modified_gmt":"2021-11-23T01:11:00","slug":"omg-openmarkets-group-extends-pre-ipo-to-17-8m-due-to-record-growth-acquires-cannon-trading","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2021\/11\/23\/omg-openmarkets-group-extends-pre-ipo-to-17-8m-due-to-record-growth-acquires-cannon-trading\/","title":{"rendered":"OMG (Openmarkets Group) extends pre-IPO to $17.8m due to record growth; acquires Cannon Trading"},"content":{"rendered":"

SYDNEY<\/span>, Nov. 23, 2021<\/span> \/PRNewswire\/ — Trading and wealth management infrastructure fintech OMG<\/a><\/u> has extended its pre-IPO raise to $17.8 million<\/span> to support continued record growth. <\/p>\n

The majority of funds were derived from sophisticated investor clients of OMG’s B2B arm, Openmarkets, and its retail trading product, Opentrader, and the remainder from existing investors.<\/p>\n

This level of demand from investment professionals, whose fingers are firmly on the pulse of capital markets, indicates strong confidence in OMG’s ability to provide the markets infrastructure for Australia’s<\/span> best investment professionals and trading companies.<\/p>\n

OMG has also entered into a sale agreement for the acquisition of equities markets-specialist tech & API developer, Cannon Trading<\/a><\/u> (Cannon<\/b>), which is pivotal to the achievement of OMG’s vision of integration and open architecture. The transaction valued Cannon at $12.5m<\/span>.<\/p>\n

The acquisition will take OMG from a 40 percent to 100 percent ownership stake in Cannon, in a move that will significantly shore up OMG’s technology stack through Cannon’s market-leading APIs. It also secures OMG’s relationships with Cannon customers such as SelfWealth and Sixpark, consolidating OMG’s market leadership in the open API and trading infrastructure sector.<\/p>\n

In addition to the new best-of-breed APIs acquired via Cannon, OMG also recently upgraded its back-office system for both domestic and international markets via global fintech GBST<\/a>, delivered as a managed cloud solution. Its clients include top tier global investment banks and major Australian retail banks. More than 60 percent of all ASX trading activity is processed through GBST’s systems.<\/p>\n

As a result, OMG’s tech stack now extends from KYC and onboarding, to CRM, managed accounts, and  order and risk management and execution, with global capabilities.<\/p>\n

In the past month OMG also made a number of senior appointments, including former UBS Managing Director, Michael Fagan<\/span><\/a><\/u> (OMG’s new Derivatives Specialist) and Klass Raajmakers<\/a><\/u> who is currently Head of Product at Stan, was previously Chief Product Officer at B2B scaleup Deputy, and will shortly be joining as OMG’s Chief Product Officer. <\/p>\n

OMG also hired a selection of former senior Pershing staff, including Scott Anderson<\/span><\/a><\/u> (Head of Relationships), Phil de Hennin<\/span><\/a><\/u> (Head of Equity Finance), Steven Graham<\/span><\/a> (Equities Operations Manager), and Ian Tran<\/span><\/a><\/u> (Head of Execution).<\/p>\n

The capital injection combined with the acquisition, back-office technology upgrade, and senior management hires will all support OMG’s ability to service record growth experienced throughout 2021, which it expects to continue into 2022.<\/p>\n

Ivan Tchourilov<\/span>, CEO of OMG, said:<\/b> "We decided to extend our pre-IPO due to continued record growth in trading volume, customers, and revenue throughout 2021.<\/p>\n

"This additional growth capital is a clear demonstration of the continued support we are receiving from the capital markets, and the belief in our ability to build massive value for our shareholders and clients. <\/p>\n

"Our provision of robust and globally-scalable trading and wealth management infrastructure tech allows us to more cost-effectively connect fintechs to markets, and intermediaries not just to markets but a range of integrated data and technology solutions to optimise their businesses.<\/p>\n

"This will ultimately allow us to connect global consumers to affordable and specialist investing solutions by linking them into our marketplace, OMG’s wealth ecosystem."<\/p>\n

OMG <\/i><\/b>(www.openmarkets.group<\/a><\/u>) is an Australian, independent trading and wealth management fintech, providing a full suite of technologies and market infrastructure to investment professionals and connecting consumers with investment and advice.<\/i><\/p>\n

OMG consists of two enterprises:<\/i><\/p>\n