The transaction to provide LSE with a new trading platform and in-house IT development capability
London Stock Exchange Group (LSE) has completed the acquisition of Srilanka-based MillenniumIT for $30 million. The transaction is expected to provide the group with a new trading platform and in-house IT development capability and give MillenniumIT the backing it needs to enable it to develop further its global exchange technology business.
Xavier Rolet, chief executive of LSE, 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.”
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.”