Orc completes Cameron acquisition for final purchase price of $30.8 million
Orc Software (SSE: ORC), the leading provider of technology for advanced trading, market making and brokerage, today announced completion of the acquisition of the leading Financial Information Exchange (FIX) messaging platform provider, Cameron Systems.
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Following continued growth and strong revenue performance by Cameron Systems, the final purchase payment was calculated at USD 9.8M, making the total purchase for Cameron Systems USD 30.8M.
The purchase agreement signed with Cameron Systems in December 2005 was based on a price up to USD 32M, of this figure USD 11M was paid in cash and USD 10M in Orc shares. The remaining cash payment of up to USD 11M was dependant on Cameron Systems' financial performance for the period through to June 30, 2006.
"Cameron Systems’ continued demonstration of strong revenue growth and profitability as reflected in the final payment figure sends a very positive message to our shareholders," says Lars Johansson, acting CEO of Orc Software. "In addition, we can look forward to the competitive strength Cameron Systems delivers to the Orc platform in CameronFIX enabling Orc trading applications."
"An objective of Cameron Systems’ merger with Orc Software was to provide valuable exchange connectivity and market data over FIX," says Cameron Systems’ President, Martin Koopman. "Our combined customers can now look forward to more easily connecting to their clients and markets using the dominant industry messaging standard for securities trading."
Orc Software recently announced two new appointments resulting from the acquisition of Cameron Systems, with John Cameron now Orc Software’s chief technology officer and Annie Walsh its chief marketing officer.