Sunday, September 9, 2012
Paritech to merge the Trading platform business of PhoenixAI
Paritech
has signed an agreement with the Melbourne-based PhoenixAI to merge their
market data and trading platform with Paritech’s operations. This move will
accelerate Paritech’s growth in the active and day trading platform market,
making it the leading provider of Advanced Technical Analysis Trading Software.
Coupled
with the recent closure of MDS’s core BourseData platform – another former
competitor in this space – the additional business will result in a revenue
boost to Paritech of about $1 million a year.
Paritech
CEO Rick Klink says: “I am delighted that the team at Phoenix will be joining us. The deal will
deliver additional scale and depth of resources to win business in these
challenging times.
“The
PhoenixAI software is regarded as the most sophisticated technical analysis
software program in Australia for equities, futures, forex and cfd trading. We will
immediately start marketing the software to our current stockbroker and trading
clients.
“In
addition, Paritech will transfer the current users of PhoenixAI on to our market
data and trading infrastructure, thereby driving considerable cost savings in
the group.”
PhoenixAI
CEO Antony Stanton says: “PhoenixAI management is pleased to merge with
Paritech. We will be able to substantially increase the market share of the
PhoenixAI software by leveraging the broad distribution channels opened up by
the Paritech group.
“We
will also expand our suite of product offerings to clients by leveraging
Paritech’s trading, portfolio management and administration solutions.”
Klink
said: “Paritech’s acquisition of PhoenixAI reflects a day-trader market that
has contracted sharply since the Global Financial Crisis, particularly
affecting those companies solely devoted to this market segment.
“There
is no better example of this than the decision by MDS, a 20-year veteran in the
day trading software space, to close down its BourseData platform.”
Paritech,
which will employ key PhoenixAI support and software development staff as part
of the acquisition, is a leader in the
development of front and middle office web-based technologies for the finance
Industry.
Its product range
covers the complete Investment cycle, including account opening, online
education, research tools, data feeds, trade processing, cost based reporting
and advanced accounting systems.
Paritech recently concluded a strategic agreement with the
NSX to offer all the exchange’s listed securities on its trading systems.
Contact:
Rick Klink
Paritech CEO
+61 3 8669 1933
Nicholas
Way
Shed Media
Shed Media
0409
585 979
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