NAGA Group AG (ETR:N4G) announced that the Extraordinary General Meeting of Shareholders held on April 12th gave the green light for the merger of the company with CAPEX.com. NAGA shareholders voted overwhelmingly in favor of the merger, with 99.81% voting.
Privately held CAPEX.com announced in mid-December that it had agreed to acquire NAGA Group in a reverse merger, in which CAPEX.com shareholders (led by Octavian Patrascu) would own around 75% of the merged entity. The transaction is still awaiting regulatory approval.
During the Extraordinary General Assembly, the newly appointed CEO of NAGA AG, Octavian Patrascu, presented the vision for the “New NAGA”, which has a new regulatory framework of 9 licenses (with 2 more in the approval process) and 12 offices in around the world, increasing the Group’s global reach and ability to serve more than 100 countries. Reaffirming the company’s mission to democratize access to financial markets, Patrascu presented the roadmap for the company’s product and the expected seamless integration of all 4 financial disciplines into a unified ecosystem for the user, the NAGA SuperApp.
Highlights from his presentation include:
Expansion of the Market: Detailed plans to promote NAGA into new and untapped markets, expanding the company’s global footprint and tapping into new customer segments. This move is expected to significantly boost the company’s market share and strengthen its position in the competitive financial technology landscape.
Product and application improvements: Recognizing the central role of technology in financial services, announced major upgrades to the NAGA app, focusing on improving the user experience. The product development roadmap includes improving the community-based ecosystem, AI integrations and unique features that empower users to become creators of their own financial instruments.
NAGA SuperApp: Unveiled plans to consolidate all existing NAGA services into a single, comprehensive platform – the NAGA SuperApp, creating a unified ecosystem, offering users a full range of services ranging from trading and investing to managing crypto, neobanking and personal finance.
Merger with CAPEX.com: Pending regulatory approval and the registration of the resolutions of the general assembly in the commercial register, the strategic merger is designed to enhance the financial efficiency of NAGA by leveraging the synergies between the two companies (internal assessment indicates that these may exceed the 10 million dollars per year). NAGA will further benefit from expert Capex management, which has a proven track record, with a core team working alongside Octavian Patrascu for over 15 years. In addition, joint strategies are expected to improve marketing effectiveness, reducing customer acquisition costs and enhancing brand reach and recognition.
Octavian Patrascu commented on the strong vote of confidence:
“This EGM was my first as CEO of NAGA Group and I am delighted that it led to the approval of the merger and the new proposed Supervisory Board, with such a significant majority. Securing this vote will allow us, following regulatory approvals for the merger, to execute the new business plan. We are expanding NAGA’s global reach and upgrading SuperApp to offer a true all-in-one user experience, unique in the Fintech world.”
After the merger is approved, Patrascu will become the majority shareholder of NAGA, with a personal financial investment in the deal. He brings to NAGA over 15 years of experience in founding and leading companies to achieve global exposure.
As the Founder and CEO of CAPEX.com, he orchestrated its expansion to a global presence with six licenses, turning it into a multinational force with hundreds of employees and offices on four continents. With 3 major exits from high-profile ventures such as Trade.com, Markets.com and Vector Watch, his track record demonstrates a solid ability to identify growth opportunities, navigate complex market dynamics and deliver outstanding results.
The “New NAGA” said it is set to benefit from an expanded user base with over 1.6 million registered users to date and a roadmap to reach over 5 million registered users by 2025/26. Leveraging NAGA’s technology ecosystem across Capex’s existing customers and correspondingly leveraging Capex’s international operations and licensing infrastructure to optimize NAGA’s customer base will result in improved customer lifetime value and overall profitability. Following the merger, NAGA will be able to draw on the broader talent pool and local presence offered by CAPEX’s 9 local offices.