STOCKHOLM, Sweden, Nov. 14, 2005 (PRIMEZONE) -- OMX Technology today announced that it will assume responsibility for the development of certain parts of Kaupthing Bank's processing software. This is an extension of an existing agreement, under which OMX Technology will provide a new pan-Nordic solution for back-office operations. The extended agreement further supports Kaupthing Bank efforts to make securities processing more efficient and also establishes an OMX presence in Iceland, creating a platform to support the growth of the Icelandic financial services industry.
The development covered by this agreement is currently managed by Libra, a subsidiary of TM Software, which specializes in developing software for the financial market in Iceland. The agreement includes plans for all Libra assets, customers and 30 employees to be transferred to OMX Technology. In addition to Kaupthing Bank, Libra currently has more than 20 customers in Iceland, and a range of software applications for securities processing, pension and loan management. Through OMX all Libra customers will have the opportunity to benefit from added service and development expertise as well as an extended solution portfolio.
The Icelandic market and the long term partnership with Kaupthing Bank are key components in OMX's efforts to secure prospective partners for its technology business targeting banks and brokerage firms.
The securities processing business requires scale to accelerate the creation of new technology and to better meet customers' needs. In August, OMX announced that it planned to take an active part in the ongoing consolidation within the industry by sharpening its focus on marketplaces and divesting the part of its technology business targeted to banks and brokerages. Discussions are ongoing and are expected to be finalized before year end.
About Kaupthing Bank
Kaupthing Bank is a full service corporate and investment bank and one of the ten largest banks by market capitalization in the Nordic region. Kaupthing Bank operates in ten countries and is the largest bank in Iceland, where it is headquartered. In recent years, Kaupthing Bank has been executing its strategy of international expansion, establishing subsidiaries in Stockholm, London, New York, Geneva, Luxembourg, Copenhagen, Helsinki, Oslo and Torshavn. This strategy has been achieved through both organic growth and development of Kaupthing Bank's business units as well as strategic acquisitions. For more information see www.kaupthing.net.
About TM Software
TM Software, headquartered in Iceland, is a privately held, international software company. With offices in 12 countries and 450 employees, the company serves over 1,500 customers in more than 20 countries on four continents. For more information see www.t.is.
About OMX /OMX Technology
OMX Technology is a global company with expertise in how to make securities transactions more efficient. Known for its fully electronic marketplace platforms, OMX Technology is a world leading provider of transaction technology, processing and outsourcing solutions for the financial and energy markets. OMX Technology has over 100 customers in 20 countries and is the largest commercial provider of marketplace systems to the world's major exchanges. OMX Technology is a division of OMX, a company that also owns and operates exchanges, clearing organizations and central securities depositories, and has operations in 14 countries. For more information, please visit www.omxgroup.com.
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