Orc Software launches efficiency program – To reduce annual expenses by around SEK 40 million

Orc Software has announced the launch of a group-wide efficiency program. The program includes a measured reduction in workforce and will successively during 2009 lead to annual savings of around SEK 40 million. The cost of the program, estimated at SEK 25 million, will be recognized in the fourth quarter of 2008.

“The financial markets are currently undergoing one of worst crises of all time. Under these circumstances, it is only natural for us to take a closer look at our costs and organizational structure,” says Thomas Bill, CEO of Orc Software, and continues:
”I want to underline that we are seeing continued good demand for our products and a stable order intake. Both sales and contract downsizings in the fourth quarter are on par with the same point in the third quarter. Our earlier forecast for the full year 2008, to increase both our revenue and order book compared to 2007, remains unchanged. This means that the efficiency program is expected to provide scope for higher profitability in 2009.”

Further information regarding the efficiency program will be provided in the year-end report, published January 22, 2009.

For further information please contact:
Thomas Bill, CEO, phone +46 8-506 477 35
Anders Berg, CFO, phone +46 8-506 477 24

About Orc Software
Orc Software (SSE: ORC) is the leading global provider of powerful solutions for the worldwide financial industry in the critical areas of advanced derivatives trading and low latency connectivity. Orc’s competitive edge lies in its depth of knowledge of the derivatives trading world gained by deploying advanced solutions for sophisticated traders for over 20 years.

Orc Trading and Orc Connect provide the tools for making the best trading and connectivity decisions… strong analytics, unmatched market access, powerful automated trading functionality, high performance futures and options trading capabilities, ultra-low latency, and risk management.

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.

www.orcsoftware.com.