OMHEX Completes Divestment Of Office In Edinburgh Through MBO

As a part of OMHEX' (then OM) cost reduction program announced on June 30, 2003, OMHEX' operations in Edinburgh have been closed down and divested. This transaction is now completed through a Management Buy-Out ('MBO').

The MBO means that the part of the operations in Edinburgh that related to the Securities Finance and Settlement products has been sold to among others Alastair Chisholm, former General Manager for the Business Unit Securities Finance within OM. The sale includes, apart from the rights to the Securities Finance and Settlement product software, also the responsibility for the existing client base. The new company will continue under the name 4Sight Financial Software with 15 employees.