As part of the London Stock Exchange Group:

MIT faces exciting future

Sanjeevi Jayasuriya

MillenniumIT (MIT) looks set for an exciting future as part of the London Stock Exchange 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 in to other markets and investing for the future,” said MillenniumIT Chief Executive Officer, Tony Weerasinghe.

The London Stock Exchange Group has completed its acquisition of MillenniumIT at an investment of US $ 30 million. The transaction will provide the Group with a new, high performance trading platform with an agile, efficient, in-house IT development capability and give MillenniumIT the backing it needs to enable it to develop further its global exchange technology business.

“The company has the capabilities and the capacity to become the number one technology company in next 2-3 years.

We will never stop innovation. The acquisition is beneficial for the company as it will retain company and managerial structure,” he said.

The country’s information technology industry has a huge potential to grow. The companies in Sri Lanka should look at friendly acquisitions to raise capital. It would also be an ideal trading platform,” he said.

London Stock Exchange Group Chief Executive Officer Xavier Rolet 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 client’s needs, delivering enhancements and innovations more quickly and at lower cost.

This deal made on the basis of MillennuiumIT’s track record, business model and the growth potential it offers the Group, is a tribute to the company’s CEO and his team of technology experts. We are delighted to be here in Sri Lanka to personally welcome them to the Group,” he said.

MillenniumIT is a premier technology solutions provider serving the global capital markets industry. The company’s products currently powers exchanges, depositories, brokerages and regulatory bodies in the United States, Europe, Africa and the Asia -Pacific region.

The London Stock Exchange Group is Europe’s leading diversified exchange business, incorporating Borsa Italiana and the London Stock Exchange.

With over 500 member firms and more than 3,000 companies quoted across its markets, the Group operates the largest and most liquid equity marketplace in Europe.