London Stock Exchange Group (LSE) has agreed to acquire MillenniumIT, a Sri Lanka-based capital markets technology company, for US$30 million (£18 million).
London Stock Exchange Group (LSE) has agreed to acquire MillenniumIT, a Sri Lanka-based capital markets technology company, for US$30 million (£18 million).
MillenniumIT’s technology systems are used by the London Metal Exchange and a number of emerging market exchanges and depositories. The company employs 451 people and generated revenue of $28 million in the year to March.
Xavier Rolet, chief executive of LSE, said: ‘Improving our technology and increasing our competitive position in the fast-moving trading environment is vital. MillenniumIT is a proven business, already serving multiple clients in multiple geographies, including some of the best known in their fields.’
LSE reported an increase in revenue of 23 per cent to £671.4 million and operating profits of £338.6 million in the year ending March. The deal is expected to close in October.
