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London Stock Exchange buys MillenniumIT (Linux-based)

Oct 05, 2009, 18:33 (5 Talkback[s])

"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."

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