Jonas Lindström steps down as CEO of Orc Software

Orc Software has recently lost a number of key people within the product development department, causing turbulence in parts of the organization and exposing a lack of confidence in the present CEO. After consulting the Board, Jonas Lindström has decided to leave the position as CEO.

“Orc Software has with the support of the Board gone through a substantial change during the past year. This change has contributed to a conflict building up within the company’s product development department. After consulting the Board, I have decided to leave Orc Software in order to safeguard the commitments of the company in the short term”, says Jonas Lindström. Lars Johansson, Executive Vice President, has been appointed acting CEO of Orc Software taking effect immediately. “Under the present circumstances the first priority is to create internal stability and secure quality and commitments to existing clients. This calls for, among other things, an increase of product development efforts and customer support during 2006 that together with the company’s strong market focus aims to consolidate Orc Software’s leading position”, says Magnus Böcker, Chairman of the Board. The Board’s financial targets of an annual revenue growth of at least 15 percent and an operating margin of at least 15 percent in the medium term are still valid. Increased investments in product development, mainly the company’s core products, and customer support, combined with one-off costs for the management changes stated above, will burden the results for 2006. Due to the uncertainty, the Board’s earlier estimate that the company will exceed a revenue growth of 15 percent and an operating margin of 15 percent in 2006 is no longer valid. The Board of Orc Software AB

About Us

Orc is the global market leader in trading technology for listed derivatives. Building on our commitment to long term partnerships and technology innovation that delivers results, Orc serves the trading and electronic execution needs of clients worldwide. Leading trading firms, market makers, banks and brokers depend on Orc to provide robust solutions that deliver concrete value, ensuring that they achieve their business goals in the world's increasingly dynamic and competitive markets. With nearly 200 customer sites in more than 30 countries, access to over 150 trading venues and offices in each of the world's key financial centers, we offer true global capabilities. Combining our technology and financial industry expertise, including a solid understanding of regulatory issues, Orc also provides expert advice and services that help reduce complexity and cost, while enabling clients to stay focused on value creation in their core businesses. Orc is owned by Orc Group Holding AB which in turn is owned mainly by Nordic Capital Fund VII.


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