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OMX Technology acquires Iceland's Libra Financial Software

14 November 2005  |  6095 views  |  0 OMX

Swedish technology group and exchange operator OMX is acquiring Libra Financial Software, a provider of securities processing and loan management software and services, from Iceland-based TM Software.

Under the agreement all Libra assets, customers and 30 employees will be transferred to OMX Technology. Financial terms of the deal were not disclosed.

Libra has more than 20 customers in Iceland and supplies a range of applications for securities processing, pension and loan management.

The firm currrently provides securities processing services to Iceland's Kaupthing Bank. OMX says it will assume responsibility for these services, extending an existing contract it has with the bank.

OMX said in August that it was selling its technology business serving banks and brokerages and will focus on future growth in the marketplace segment. OMX says discussions are ongoing and are expected to be finalised before year end.

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