Sri Lanka based MillenniumIT, a technology solutions provider and a part of the London Stock Exchange Group (LSEG), announced the group’s plan for further investment in MillenniumIT. LSEG will invest in the construction of a new state of the art software complex to accommodate the company’s growing specialised international software and services business.
Since the acquisition of MillenniumIT in 2009, LSEG has invested heavily in growth of the company – expanding the workforce to over 600 and investing in property and infrastructure on its Malabe campus. The new 40,000 sq ft complex is expected to house approximately 300 people and will be built within MillenniumIT’s extensive 16.5 acre Malabe Campus to accommodate the demands of MillenniumIT’s increasing operation. LSEG Chairman, Chris Gibson-Smith, CEO, Xavier Rolet and Tony Weeresinghe, MillenniumIT’s CEO were amongst those present at the foundation stone laying ceremony held today at the construction site.
Since MillenniumIT joined LSEG, there has been no looking back for either party. London Stock Exchange’s (LSE) equity cash markets went live last year with MillenniumIT’s high performance trading software, at an average latency of less than 120 microseconds, making the LSEone the fastest trading venues in the world. MillenniumIT’s trading platform, Millennium Exchange is highly scalable and designed for multi-asset class trading, offering London Stock Exchange’s clients superior technical performance and enhanced functionality.MillenniumIT has also directly benefited from being part of an increasingly diverse international exchange group, reporting strong growth in financial performance and benefitting from greater international visibility. This is further evidenced by the fact that in 2011 MillenniumIT accounted for over 20% of Sri Lanka’s software exports revenue. Over the past two years MillenniumIT’s software business has also significantly increased its global client base, having signed over 15 new clients, including the Chittagong Stock Exchange, the Delhi Stock Exchange and the Securities and Exchanges Commission (SEC) of Sri Lanka.
MillenniumIT’s local SI business has also seen revenue growth of over 30% since 2009. The SI business complements the software projects by providing the infrastructure build for clients.
Xavier Rolet, CEO of the London Stock Exchange Group said, "I am delighted to be in Sri Lanka and to be laying the foundation stone for MillenniumIT’s new campus building. Since joining London Stock Exchange Group in 2009, MillenniumIT has revolutionised our own Group technology, providing us with one of the fastest and most advanced trading platforms in the world. Millennium has also been instrumental in helping drive the Group’s international expansion through sales to exchanges and business around the world."
Tony Weeresinghe, CEO of MillenniumIT said, "Since MillenniumIT joined the London Stock Exchange Group, we have directly benefited from the international strength of LSEG’s brand. This has helped the company to innovate, expand, create jobs and importantly to contribute to Sri Lankan economic growth. Today is another very important step in MillenniumIT’s exciting history. Our new campus building will allow MillenniumIT to continue to expand our operations in Sri Lanka and also our ability to successfully deliver for our customers around the world."
British High Commissioner to Sri Lanka, John Rankin said, "I am delighted to see the continuing investment the London Stock Exchange Group is making in Sri Lanka. The LSEG is at the heart of the world’s financial community. Sri Lanka’s ICT industry is, in turn, recognised for its innovative excellence and Millennium IT is synonymous with this. This latest venture is a further boost to the strong commercial ties between our two countries."
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