London Stock Exchange buys MillenniumIT (Linux-based)

“This hardly comes as a surprise – the issue of the
platform’s speed and efficiency as well as Accenture’s
support has been a hot topic for the market in the last couple of
months. Just as IBS predicted (IBS, September 2009), the stock
exchange went down the route of purchasing a vendor and utilising
its technology to replace TradElect, Infolect and other
applications.

“Compared to the bill of $65 million for TradElect,
MillenniumIT, a Sri Lankan developer, is a bargain at $30 million.
LSE gains a 100 per cent shareholding in the company, an offshore
development centre (located near Colombo) with 451 specialists
(around 300 in the software division) and the technology, which
boasts high productivity, flexibility, robustness and considerably
lower costs than TradElect. LSE predicts annual cost savings of at
least £10 million ($14.7 million) from 2011/12. ‘The
new technology is a lot lighter, nimbler and easier to
install,’ says David Lester, director of information and
technology at LSE. It will also enable faster releases, he adds.
The current wait is three to six months.”

Complete Story