Swedish transaction technology vendor OM has expanded its banks and brokers business in Australia with the acquisition of local software vendor Palion.
Privately-held Palion, which employs about a dozen staff and provides technology for dealing in derivatives, claims 24 stockbroker customers and contracts with the Australian Stock Exchange and Kuala Lumpur Stock Exchange.
OM says it will merge the key assets of Palion with its own local operations to establish a broader-based technology business.
Palion was established in 1994 by former ICCH staffers Peter Fowler and Antigoni Likoudis.
Financial details of the transaction were not disclosed.