Eik Bank selects Orc Software for trading on NASDAQ OMX Nordic
Stockholm, SWEDEN, Thursday, 2 September 2010 – Orc Software (SSE: ORC), the leading global provider of technology and services for advanced trading in financial instruments, today announced that Eik Bank, based in Copenhagen, Denmark, has selected Orc Trading to support the firm’s execution and proprietary trading. The order was booked in Q2, 2010, and the contract is based on Orc’s licensing subscription model.
“Orc Software was our natural choice when moving to a platform which enables future expansion of trading different assets all over the world,” said Lars Thomsen, Head of Markets, Eik Bank. “We appreciate the strengths of Orc’s trading solution and their extensive market reach to different Exchanges. This ensures that the solution we now invest in will support the expansion of Eik Bank’s operations for many years to come.” The integration between Eik Bank’s netbank solution and other internal systems has been delivered by SDC, Scandinavian Data Center, and the full solution is scheduled to be operational by October 2010.
“We are proud to provide Eik Bank with a very flexible, yet robust solution that is well proven, and we look forward to deliver tools and services that will help develop and enhance their business further,” said Peter O Bäck, Vice President Sales Nordic, Orc Software. “Eik’s choice also reflects that Orc continues its Nordic growth and strengthens its presence in Denmark by providing best in class solutions capable of fulfilling typical trading requirements on exchanges globally.”
About Orc Software’s revenue model
Standard agreements follow Orc’s licensing subscription model, a flexible approach designed to streamline the customer on boarding process and provide ease of access to software updates, together with a mature support framework. Customers are invoiced quarterly, in advance, and revenue allocated to the invoicing period.
About Eik Bank
Eik Banki Group is a Nordic banking group offering services to individuals and corporate business customers primarily on the Faroe Islands and Denmark.
With a market share of approximately 50 percent on the Faroe Islands, the Group’s Head Office is located on the Faroe Islands where Eik Banki is the largest financial institution and a leading full service bank, including a branch network of 16 full service branches throughout the islands. In Denmark, the Group offers its banking services through its wholly owned subsidiary Eik Bank Danmark A/S, the largest internet bank in Denmark.
About Orc Software
Orc Software is the leading global provider of technology and services for advanced trading in financial instruments. Orc’s competitive edge lies in its depth of knowledge of the trading world, gained by deploying sophisticated trading solutions for over 20 years.
Orc Trading and Orc Connect provide the tools for making the best trading and connectivity decisions with strong analytics, unmatched market access, powerful derivatives trading support, automated trading strategies and execution, high performance futures and options trading capabilities, ultra-low latency and risk management.
Through the acquisition of Neonet, Orc also delivers neutral, high speed brokerage services to professional market participants, with clients in over 20 countries globally.
With subsidiary CameronTec, Orc is the leading provider of FIX infrastructure and low latency connectivity.
Orc’s customers include leading banks, trading and market-making firms, exchanges, brokerage houses, institutional investors and hedge funds.
Orc provides sales and quality support services from its offices across EMEA, Americas and Asia Pacific.
Orc Software is listed on NASDAQ OMX Stockholm (SSE: ORC).
www.orcsoftware.com
For further information, please contact:
Peter O Bäck, Vice President Sales Nordic Region, Orc Software, Tel. +46 739 01 02 04
Christine Blinke, VP Marketing and Investor Relations, Orc Software, Tel. + 46 739 01 02 01
Lars Thomsen, Head of Markets, Eik Banki Group, tel +45 3373 3163
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