Founded in 1996 as a systems integrator and Sun Microsystems authorized reseller, Millennium Information Technologies entered the software design field the following year when it interpreted a systems integration contract from the Colombo Stock Exchange (CSE) as an opportunity to design and install a straight-through processing system for the Exchange. The CSE solution became the basis for MillenniumIT’s suite of capital-markets software products. The same year also saw the company build the first suite of mobile-phone applications software for Dialog GSM, a leading Sri Lankan telecoms provider. Meanwhile, MillenniumIT had also become the first company in Sri Lanka to share wealth with its employees by way of a share-ownership plan.
Business wins in Mauritius, Croatia and Malaysia were the first steps towards a worldwide customer base. Rapid growth demanded an injection of new funds, giving rise to another pioneer achievement as MillenniumIT became the first Sri Lankan firm to successfully raise funds from international venture capital. The systems integration business too, continued to grow and the company achieved dominance in the Sri Lankan banking and telecoms sectors, and was appointed a Premium System Integration partner by Cisco Systems around this time.
US Operations Begin
The turn of the century saw MillenniumIT win a large metropolitan-area networking project from Sri Lankan Airlines and become Sun Microsystems’ regional distributor for Bangladesh, Nepal and Maldives. Its capital markets software found more satisfied customers around the world, and in 2001 MillenniumIT won its first US contract and set up operations in Boston, MA.
In 2002, the firm moved into its new corporate headquarters, the first Silicon Valley-style software campus in Sri Lanka. Business wins continued in locations as far apart as New York and Nairobi, as did international growth, with a UK subsidiary and office established in 2004. The following year, the company was contracted to provide an automated equity and ETF trading system for the American Stock Exchange (AMEX), one of three primary exchanges in the United States.
Live trading at AMEX commenced in 2006, as the company received a US patent on its Business Innovation Dynamically (BID) technology. At home in Sri Lanka, MillenniumIT commenced implementation of a countrywide intranet for the national fixed-line telecoms provider, SLT, while US operations expanded with a new office in Jersey City, NJ.
Following a contract with London Stock Exchange (part of London Stock Exchange Group - LSEG) for a new trading platform for equities, MillenniumIT was acquired by LSEG in 2009. The acquisition gave the company a firmer footing in international competition and a number of orders from around the world followed shortly.
In 2010, LSEG's Turquoise trading platform was successfully migrated to Millennium Exchange™, MillenniumIT’s flagship capital-markets software. The company was now active on four continents, and important business wins continued in Canada, India and South Africa. It also entered into a partnership agreement with Tullett Prebon to further develop the IDB’s electronic broking capabilities across a variety of asset classes for internal and external trading systems.
The last 2 years have been important business years for the company, with Borsa Italiana in Milan, Johannesburg Stock Exchange and the Mongolian Stock Exchange going live with Millennium Exchange™ and Millennium Surveillance™. Millennium Surveillance™ also went live at the Egyptian Exchange and Bursa Malaysia, while new projects were awarded at the London Metal Exchange, the Lima Stock Exchange, the Hong Kong Exchange, Singapore Exchange and the Argentinian Caja de Valores, amongst others.
Today, MillenniumIT's capital markets suite is operational in more than 40 client sites around the world, as the company continues to pursue its vision of being the world’s premier capital markets software firm.