STOCKHOLM, Sweden, Dec. 7, 2005 (PRIMEZONE) -- OMX and TietoEnator have signed a Memorandum of Understanding (MoU) regarding the creation of a joint venture company on solutions and services for banks and brokerage firms in Northern Europe.
The new company will combine TietoEnator's investment management solutions with OMX's back office technology solutions. Both companies plan to transfer relevant assets, customers and employees to create a new leading provider of securities processing and asset management solutions in Northern Europe -- including the assets of the software company Libra, specialized in developing software for the financial market in Iceland. According to plans, the joint venture will have yearly net sales of over SEK 300 million and more than 200 employees.
The final agreement is expected to be signed before year end for the new joint venture to become operative during the first quarter of 2006, after received regulatory approvals.
Discussions with prospective partners for the remaining parts of the Nordic Banks & Brokers business are ongoing and are expected to be finalized before year end.
ABOUT OMX
OMX owns and operates the largest securities market in the Northern Europe and is a leading provider of marketplace services and solutions for the financial and energy markets. OMX consists of two divisions: OMX Exchanges and OMX Technology. OMX Exchanges owns and operates the stock exchanges in Copenhagen, Stockholm, Helsinki, Tallinn, Riga and Vilnius as well as the central securities depositories in Estonia and Latvia. Through OMX Exchanges OMX offers access to approximately 80 percent of the Nordic and Baltic securities market. OMX Technology is a world leading provider of solutions and services -- transaction technology, processing and outsourcing -- based on proven technology. OMX is listed on the stock exchanges in Stockholm, Helsinki and Copenhagen. For more information please visit www.omxgroup.com.
ABOUT TietoEnator
TietoEnator is one of the leading architects in building a more efficient information society and the largest IT services company in the Nordic countries. TietoEnator specialises in consulting, developing and hosting its customers' business operations in the digital economy. The Group's services are based on a combination of deep industry-specific expertise and latest information technology. TietoEnator has close to 15 000 experts in more than 20 countries. www.tietoenator.com
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