OMX, the leading expert in the exchange industry, has signed an agreement with HCL Technologies Ltd (HCL), the global IT services provider, regarding an extended partnership. HCL will take on the responsibility for support, maintenance and development of systems for securities management targeting banks and brokers.
“We have excellent experiences of working together with HCL over the last years. Their proven technical capabilities and customer focus is a good basis for extending our relationship to the next level. We believe this partnership will strengthen the offering to our customers using systems for securities back-office.” says Hans-Ole Jochumsen, President Business Area Information Services & New Markets, OMX.
Rajeev Sawhney, Corporate Vice President, HCL, comments: “We’re delighted to be extending our working relationship with OMX further still. Our specialist skill-set and sector experience make us an ideal partner and we’ll be helping OMX to drive through benefits such as a more efficient and secure service. The agreement highlights HCL’s expertise in the financial services sector and our continued commitment to developing value-add technology solutions to meet the specific needs of our customers.”
The partnership with HCL means that OMX will no longer have any discontinued operations in the Nordic region. A part of the discontinued operations, will be moved to Business Area Information Services & New Markets, and be included in the unit Broker Services. A number of employees´ work tasks will be within Business Area Market Technology to replace resource consultants and decrease new recruitments.
The business that is moved to Business Area Information Services & New Markets had sales of SEK 160 million and costs of SEK 195 million in 2006. It is expected to show a profit during 2007, following the agreement with HCL. For the fourth quarter 2006, the business’ revenue was SEK 43 million while costs were SEK 49 million, levels that are expected to remain in the first quarter of 2007.
In August 2005, OMX announced the focusing of its technology business through the divestment of operations targeting banks and brokerages within the Banks & Brokers business area. Following the agreement with HCL, only the UK operations in securities administration services remains in operations being discontinued. The changes are implemented in OMX accounting as per January 1, 2007.
About OMX
OMX is a leading expert in the exchange industry. Through the Nordic Exchange, OMX offers access to approximately 80 percent of the Nordic and Baltic securities market. The Nordic Exchange is a term used for marketing purposes and is not a legal entity. It describes the common offering from the Helsinki Stock Exchange, Copenhagen Stock Exchange, Stockholm Stock Exchange, Iceland Stock Exchange, Tallinn Stock Exchange, Riga Stock Exchange and Vilnius Stock Exchange. OMX' integrated technology solutions cross the transaction chain enabling efficient securities transactions for over 60 exchange organizations in more than 50 countries. OMX is a Nordic Large Cap company in the Financials sector on the OMX Nordic Exchange. For more information, please visit www.omxgroup.com
About HCL Technologies
HCL Technologies is one of India’s leading global IT Services companies, providing software-led IT solutions, remote infrastructure management services and BPO. Having made a foray into the global IT landscape in 1999 after its IPO, HCL Technologies focuses on Transformational Outsourcing, working with clients in areas that impact and re-define the core of their business. The company leverages an extensive global offshore infrastructure and its global network of offices in 16 countries to deliver solutions across select verticals including Financial Services, Retail & Consumer, Life Sciences Aerospace, Automotive, Semiconductors, Telecom and MPE (Media Publishing & Entertainment). For the quarter ended 31st December 2006, HCL Technologies, along with its subsidiaries had revenue (TTM) of US $ 1.155 billion (Rs. 5220 crore) and employed 38,317 professionals. For more information, please visit www.hcltech.com
