Catena Media is acquiring Forex Exchange news portal LeapRate.com for US$6m, as it seeks to boost its position in the financial vertical and in FX trading, primarily in the US, the UK and Australia.

Catena Media

LeapRate.com provides news and information on the global online trading or “Forex” sector. The site’s coverage includes news and analysis of companies offering retail and institutional FX, CFDs and cryptocurrency trading, as well as those providing technology and services to the sector.

LeapRate.com was started in 2010 and is run by its founder alongside a number of independent journalists based in Europe and Israel. The founder will remain on board for 18 months to help ensure a smooth transition into Catena Media.

The acquired assets currently generate quarterly sales of about $360,000, of which a majority derives from fixed fees and advertising. The site is approved for Google News.

Per Hellberg, Catena Media’s CEO, said: “This acquisition is in line with our strategy for growth and further establishes our position as lead generator in the financial vertical. We are very pleased to welcome LeapRate.com into the Catena Media family and look forward to helping the company realize its full potential.”

The initial purchase consideration, payable on the completion of the transaction, amounts to an up-front payment of $4m, of which $2m will be paid in the form of newly issued shares in Catena Media and the remainder in cash.

In addition to the initial purchase consideration, the seller may receive an earn-out payment based on the performance of the acquired assets over a period of 12 months, expected to amount to around $2m.