OMX and TietoEnator plan a joint venture for solutions to banks and brokerage firms

OMX and TietoEnator have signed a Memorandum of Understanding (MoU) regarding the creation of a joint venture company on solutions and services for banks and brokerage firms in Northern Europe. The new company will combine TietoEnator’s investment management solutions with OMX’s back office technology solutions. Both companies plan to transfer relevant assets, customers and employees to create a new leading provider of securities processing and asset management solutions in Northern Europe - including the assets of the software company Libra, specialized in developing software for the financial market in Iceland. According to plans, the joint venture will have yearly net sales of over SEK 300 million and more than 200 employees. The final agreement is expected to be signed before year end for the new joint venture to become operative during the first quarter of 2006, after received regulatory approvals. Discussions with prospective partners for the remaining parts of the Nordic Banks & Brokers business are ongoing and are expected to be finalized before year end.