OMX Technology and HCL Technologies have signed a five-year contract to outsource certain OMX development and maintenance systems.
“We believe that this partnership will benefit our customers since it allows us to increase our focus on development of leading edge technology as well as improving overall flexibility and scalability as a technology, processing and outsourcing provider,” said Klas Sthl, president of OMX Technology. “We also believe that it will position us better for cost-efficient growth, speed up time to market and open a channel to the growing securities markets in India as part of our strategy to increase OMX Technology’s presence in Asia.”
Rajeev Sawhney, executive vice president of HCL Technologies Europe, said, “We have always had a special focus on the Banking and Financial Services industry. This new association with OMX Technology, a world leader in securities transactions, allows us the opportunity to add meaningfully to their capability and to develop cutting edge solutions in this domain. The relationship is multifaceted and synergistic in many ways. It should open up a host of opportunities for both companies.”