STOCKHOLM, Sweden, Sept. 27, 2005 (PRIMEZONE) -- OMX Technology and Orc Software have today signed an agreement regarding the development of a new front-office product for trading in shares and derivative instruments on multiple electronic markets (Information about the Letter of Intent was communicated in a press release dated June 29, 2005).
Highlights of the cooperation:
-- The new multi-asset and multi-market product will complement
both companies' existing product offerings.
-- The product is mainly designed for brokers and traders who use
the exchanges' terminals.
-- OMX Technology will gain access to Orc Software's extensive
experience in front-end development and market connections.
-- Orc Software, via OMX Technology, will gain access to a global
distribution channel for sales through the exchanges of both the
product and other Orc Software products.
As a result of the agreement, the 12 employees who have worked on the development of the front office product at OMX Technology will be transferred to Orc Software as of October 1, 2005. Accordingly, Orc Software will assume responsibility for the further development of the product. For an initial period extending up to the end of 2006, OMX will be responsible for the cost of developing and commercializing the new product. The two parties will share the sales revenues, after OMX has received coverage for the costs incurred during the initial period.
The new product is expected to be launched to customers at the beginning of 2006.
The agreement also entails that OMX Technology will obtain global distribution rights to Orc Software products. Accordingly, OMX Technology will have a complete front-end offering and Orc Software will increase its opportunities for added sales.
For more information, please contact:
OMX Anna Rasin, VP Corporate Communications, +46 8 405 66 12 Orc Software Jonas Lindstrom, CEO, +46 8 407 38 35 Susanne Holmlund, Investor Relations +46 8 407 38 50
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 worldwide. For more information, please visit www.omxgroup.com.
About Orc Software
Orc Software provides technology for advanced market making, trading and brokerage. The Orc Technology is used in 22 countries and allows users to access more than 100 markets. The company is listed at Stockholmsborsen and has operations in Chicago, Frankfurt, Hong Kong, London, Milan, Moscow, New York, Stockholm, St Petersburg, Sydney, Tokyo, Toronto, Vienna and Zurich. In 2004, the company's total revenue amounted to SEK 247 million with an operating income of SEK 30 million. www.orcsoftware.com
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download: http://wpy.waymaker.net/client/waymaker1/WOLReleaseFile.aspx?id=134440&fn=wkr0010.pdf
Download press release in pdf format