Why fund managers see OFX Group's strategic review as the key catalyst

OFX Group has appointed Goldman Sachs to explore a sale or other value-maximising options after a difficult period of declining revenue and market share.

30 Jun 2026 · 6 min read

Foreign exchange and payments provider OFX Group put itself up for a formal strategic review in early 2026, appointing Goldman Sachs to explore options including a potential sale. Ryder Capital's March 2026 Quarterly Report detailed the stock rising 10.3% on the announcement, with the fund becoming a substantial holder with a 7.3% equity interest and adding further to its position on the view that intrinsic value could finally be realised.

A technology transition running against a deadline

Forager Funds' December 2025 Quarterly Report detailed the operational backdrop to the review: net operating income declined 5.6% as macroeconomic uncertainty weighed on small business confidence and foreign exchange volatility remained subdued, though corporate transaction volumes and enterprise customer revenue, up 48% year on year, showed some resilience. Forager noted the company's attempt to diversify beyond pure foreign exchange was gaining traction, with active clients on its new platform more than doubling during the half and cross-sell of cards, wallets and payment products beginning to ramp from near zero.

If that's not successful, we think this business could be very valuable in the hands of a larger scaled FX player.

— Forager Funds, Presentation, January 2026

Forager's January 2026 Presentation was candid about the stakes: the revenue base had been contracting and profitability deteriorating, but the underlying asset, a global client base, licence footprint and new platform, could be very valuable in the hands of a larger, more scaled FX player if OFX's own turnaround did not succeed. Selector Funds Management's October 2025 Monthly Report had detailed early signs of platform progress even before the formal review, noting 39% of existing active corporate customers had onboarded to the new client platform, with 80 new products and features launched in a single quarter, including a two-way sync to Quickbooks.

What managers are watching next

Forager Funds' June 2026 Annual Report confirmed the strategic review had progressed to a second phase with multiple credible parties involved, describing the process candidly as putting the business up for sale, after another year in which net operating income fell 8.5% and profit came close to breakeven amid a major technology transition and market share losses. With a strong balance sheet carrying $47 million of net cash providing runway regardless of outcome, the review's conclusion, whether a sale, partial sale, or continued standalone operation, is now the dominant catalyst for the stock.