A day after it announced strong growth in the North American market, Swedish trading systems vendor Orc Software has signed a memorandum of understanding to sell its 51% share of E2E Infotech, a London-based financial technology provider, to Mumbai-based aurionPro Solutions.
"Divesting Orc Software's ownership of E2E is in line with our objective to further streamline our business," says Thomas Bill, CEO, Orc Software. "We will continue to promote E2E's competence to our customers as they will remain an important business partner with Orc Software."
The sale of E2E shares will have minimal impact on Orc's 2007 income. In fiscal year 2006, E2E contributed to a net profit of about SKr0.9 million. The transaction is expected to close during the second quarter of 2007 and will result in a marginal realised profit.
Yesterday Orc Software saw one of its major shareholders, Nordic and Baltic market operator OMX, divest 650,000 shares, bringing its stake from around 29% down to around 25%. OMX itself is reported to be currently in talks with Nasdaq which is reported to have made a SKr23 billion offer for the Scandinavian company.