London Stock Exchange completes MillenniumIT acquisition

LSE's core platform will be replaced by software developed by MillenniumIT

London Stock Exchange (LSE) completed its acquisition of capital markets technology company MillenniumIT as its top executives visited the Sri Lankan firm to mark the deal closure.

The purchase of the IT firm for $30m (£18.3m) was announced last month as part of LSE's plan to revamp its systems setup.

As a result of the acquisition, all of LSE’s core platforms including TradElect and Infolect will be replaced from next year.

The exchange’s chief executive Xavier Rolet and chief financial officer Doug Webb are currently visiting MillenniumIT's offices and software development campus in Colombo, and will meet senior government officials and executives from Sri Lankan businesses as part of the trip.

"MillenniumIT will transform our in-house IT development capabilities by giving us proprietary ownership of the technology. It will allow us to be more responsive to our clients' needs, as well as deliver enhancements and innovations more quickly and at lower cost,” said Rolet.

"This deal, made on the basis of MillenniumIT's track record, business model and the growth potential it offers the Group, is a tribute to Tony Weeresinghe [chief executive of the Sri Lankan firm] and his team of technology experts."