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The London Stock Exchange has opened a technology hub in Sri Lanka to provide support services to the company globally, which will see it add an additional 400 permanent staff to its existing operations in the country. The Colombo-based hub will also hire 1,200 staff indirectly.
The stock exchange had technology services delivered from Sri Lanka since it acquired technology from Millennium IT in September 2009 for £18m.
The acquisition was to replace its former core trading platform, known as Tradelect, which was on its last legs. Millennium IT was a Sri Lankan company, which means the London Stock Exchange gained an offshore hub through the acquisition.
The London Stock Exchange also gained as an existing business that sells software into the trading sector. This includes core trading software as well as surveillance systems.
Millennium IT already had stock exchange customers and since it was acquired by the London Stock Exchange, the additional credibility has helped it increase sales.
Donald Brydon, chairman of LSEG, said: “Given our long history and very successful experience of working in Sri Lanka, it is the natural destination for [the] new business services technology division.”
“We would like to thank the government of Sri Lanka for their support in this venture and look forward to further developing a world-leading technology hub in the country,” said Brydon.
The opening of the centre also mirrors the business services strategies of large multinationals worldwide. ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
In-house services hubs in locations such as India are becoming common. Big businesses want to take advantage of the lower costs and access to skilled labour but, at the same time, want the operations to be in-house rather than outsourced.