Saxo Bank Announces Intention To Speed Up Development Of Trading
Systems
Released
on: November 2, 2009, 6:20 am
Author: Saxo Bank
Industry: Financial
Saxo
Bank, the online specialist in trading and investment, has announced
the acquisition of a 40% stake in Initto, the Danish owned software
and IT services provider. Initto has around 200 employees based
mainly in India and Ukraine and the acquisition of Initto will
enable Saxo Bank to continue to support and speed up the development
of its trading systems.
Designed
to meet the varying needs and demands of financial investors and
traders, Saxo Bank has developed four specialised and integrated
trading platforms; the downloadable SaxoTrader, browser-based
SaxoWebTrader, compact SaxoMiniTrader and phone-based SaxoMobileTrader.
Mikael
Munck, CEO of Initto, commented: "Initto provides a wide
range of customized IT services and software engineering solutions
to clients. We have been very successful in offering and integrating
our services into the organisation of our clients. We offer access
to a wide range of international specialists that focus entirely
on delivering high quality solutions to our clients' allowing
them to focus on core competencies, freeing up time for innovation
and value creation. This is the secret of our success which we
are certain Saxo Bank also will benefit from".
Since
its establishment in 2003, Initto has grown by an average of 50%
per year and expects to enhance its service offerings with the
support of Saxo Bank as a strong financial partner. Initto is
headquartered in Ballerup near Copenhagen with a representative
office in Oslo. Initto will continue to develop software and provide
services to its existing client base.
In
a joint statement, Kim Fournais and Lars Seier Christensen, Co-CEOs
and co-founders of Saxo Bank, said: "We are thrilled to have
acquired this stake in Initto, which has great synergies with
Saxo Bank and fit perfectly with our business model. The acquisition
is in line with our ambition to acquire fully developed businesses
and utilize their expertise to develop and strengthen Saxo Bank's
products and services. Over the next few years, we will be working
with Initto to further increase the value we offer our own clients.
Initto's current and future client base will also benefit from
our commitment as client and shareholder. We want to remain a
first class service provider and we believe Initto can help us
achieve this goal."
Notes to editors:
About
Initto
Founded in 2003 by five Danish entrepreneurs, Initto is an IT
services provider of a wide range of customized IT services, product
engineering solutions and consulting to clients worldwide. Through
a close integration with clients via its dedicated integrated
sourcing model, Initto is focused on delivering high quality software
and services to clients. Initto work with companies of all sizes,
and its service offerings cater to multiple industry and technology
domains.
About
Saxo Bank
Saxo Bank is an online trading and investment specialist, enabling
clients' Forex
trading, CFDs
Trading, Stocks, Futures,
Futures
trade, Options and other derivatives, as well as providing
portfolio management via SaxoWebTrader and SaxoTrader, the leading
online trading platforms. SaxoTrader is available directly through
Saxo Bank or through one of the Bank's global partners. White
label is a significant business area for Saxo Bank, and involves
customised and branding the Bank's online trading platform for
other financial institutions and brokers.
Contact Details: Media enquiries
Kasper Elbjørn
Head of Group Public Relations
Saxo Bank A/S London
40 Bank Street
Canary Wharf
London
E14 5DA
UK
+45 3977 4300
uk.saxobank.com
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