London Stock Exchange Group plc (‘the Group’) announced today it has completed its acquisition of MillenniumIT. The transaction will provide the Group with a new, high performance trading platform and an agile, efficient, in-house IT development capability and give MillenniumIT the backing it needs to enable it to develop further its global exchange technology business.
To mark the completion, Xavier Rolet, Chief Executive of London Stock Exchange Group is visiting MillenniumIT’s Corporate Headquarters and Software Development campus in Colombo. As part of his trip, Xavier will meet with local dignitaries and senior representatives of leading Sri Lankan companies.
Commenting on the completion, Xavier Rolet said:
“MillenniumIT will transform our in-house IT development capabilities by giving us proprietary ownership of our technology, allowing us to be more responsive to our clients’ needs, delivering enhancements and innovations more quickly, and at lower cost.
“This deal, made on the basis of MillenniumIT’s track record, business model and the growth potential it offers the Group, is a tribute to Tony and his team of technology experts. I am delighted to be here in Sri Lanka today to personally welcome them to the Group”.
Tony Weeresinghe, CEO of MillenniumIT, said:
“MillenniumIT looks set for an exciting future as part of the Group. We intend to leverage the Group’s strong global franchise to further develop our global exchange technology sales business, continuing to support our existing customers, as well as expanding the company into other markets and investing for the future.”
The Group will begin migrating clients to MillenniumIT’s trading system, replacing TradElect, Infolect, and other interfaces. The new platform will allow the Group to enrich its functionality and reduce IT development and operational costs, resulting in estimated annual savings of at least £10 million from FY2011-12.