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LSE completes MillenniumIT acquisition

19 October 2009  |  1649 views  |  0 Source: London Stock Exchange

London Stock Exchange Group plc ('the Group') announced today it has completed its acquisition of MillenniumIT for $US30 million.

The transaction will provide the Group with a new, high performance trading platform and an agile, efficient, in-house IT development capability and give MillenniumIT the backing it needs to enable it to develop further its global exchange technology business.

To mark the completion, Xavier Rolet, Chief Executive of London Stock Exchange Group and Doug Webb, CFO are visiting MillenniumIT's Corporate Headquarters and Software Development campus in Colombo. As part of their trip, Xavier and Doug will meet with senior government officials and business executives from leading Sri Lankan companies.

Commenting on the completion, Xavier Rolet said: "MillenniumIT will transform our in-house IT development capabilities by giving us proprietary ownership of our technology, allowing us to be more responsive to our clients' needs, delivering enhancements and innovations more quickly, and at lower cost.

"This deal, made on the basis of MillenniumIT's track record, business model and the growth potential it offers the Group, is a tribute to Tony and his team of technology experts. I am delighted to be here in Sri Lanka today to personally welcome them to the Group."

Tony Weeresinghe, CEO of MillenniumIT, said: "MillenniumIT looks set for an exciting future as part of the Group. We intend to leverage the Group's strong global franchise to further develop our global exchange technology sales business, continuing to support our existing customers, as well as expanding the company into other markets and investing for the future."

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