Orc Board Decides To Sell Shares To Fund Acquisition Of Cameron Systems

Orc Software (Orc) has moved a step farther in completing its acquisition of Cameron Systems, a decision that will allow it access to the Australian based company's FIX technology. Orc signed an agreement in December 2005 to buy out Cameron

By None

Orc Software (Orc) has moved a step farther in completing its acquisition of Cameron Systems, a decision that will allow it access to the Australian-based company’s FIX technology. Orc signed an agreement in December 2005 to buy out Cameron for a maximum of $32 million (SEK 256).

At an extraordinary general meeting the board of directors at Orc agreed to issue new shares in order to complete the acquisition of Cameron Systems (VIC) Pty Ltd and Cameron Fix IP Pty Ltd.

The takeover of Cameron gives Orc access an additional client base of over 170 customers in 25 countries. Cameron has supplied FIX solutions to customers such as CSFB, UBS, Barclays Capital, Nomura Securities, and Bank of America.

The completion of the acquisition is predicted to take place during the week ending February 5, 2006.

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