The London Stock Exchange (LSE) said it will acquire Sri Lanka's MillenniumIT for 30 million US dollars (sterling 18 million), with the deal to be completed by mid-October.
MillenniumIT, a technology firm which develops securities trading software will replace LSE's existing trading platform and continue to service its exiting clients. MilleniumIT first automated Sri Lanka's Colombo Stock Exchange and its trading software is in use in several countries.
LSE said MillenniumIT would replace its existing system making transactions faster and bringing cost savings.
"Improving our technology and increasing our competitive position in the fast-moving trading environment is vital," LSE group chief executive Xavier Rolet said in a statement.
"This transaction enables the Group to implement a new, more agile, innovative and efficient IT capability for our future business development as well as running a new cash trading platform which will provide substantially lower latency, significantly higher capacity and improved scalability.
Chief executive Tony Weerasinghe who founded the firm will report directly to London Stock Exchange chief Xavier Rolet, LSE said.
“This transaction with London Stock Exchange Group is a tribute to the innovative culture of our company, the quality of our technology solutions and our deep pool of talented staff," he was quoted as saying.
"The Group’s backing gives us the resources to continue supporting our existing customers, expanding the company into other markets and investing for the future."
The MillenniumIT platform is expected to bring 10 million sterling in cost savings from 2011 to LSE.
LBO
MillenniumIT, a technology firm which develops securities trading software will replace LSE's existing trading platform and continue to service its exiting clients. MilleniumIT first automated Sri Lanka's Colombo Stock Exchange and its trading software is in use in several countries.
LSE said MillenniumIT would replace its existing system making transactions faster and bringing cost savings.
"Improving our technology and increasing our competitive position in the fast-moving trading environment is vital," LSE group chief executive Xavier Rolet said in a statement.
"This transaction enables the Group to implement a new, more agile, innovative and efficient IT capability for our future business development as well as running a new cash trading platform which will provide substantially lower latency, significantly higher capacity and improved scalability.
Chief executive Tony Weerasinghe who founded the firm will report directly to London Stock Exchange chief Xavier Rolet, LSE said.
“This transaction with London Stock Exchange Group is a tribute to the innovative culture of our company, the quality of our technology solutions and our deep pool of talented staff," he was quoted as saying.
"The Group’s backing gives us the resources to continue supporting our existing customers, expanding the company into other markets and investing for the future."
The MillenniumIT platform is expected to bring 10 million sterling in cost savings from 2011 to LSE.
LBO
