Orc Software has completed the acquisition of the Financial Information Exchange (FIX) messaging platform provider, Cameron Systems. The final purchase payment was calculated at $9.8M, making the total purchase for Cameron Systems $30.8M.
The purchase agreement signed with Cameron Systems in December 2005 was based on a price up to $32M, of this figure $11M was paid in cash and $10M in Orc shares. The remaining cash payment of up to $11M was dependent on Cameron Systems’ financial performance for the period through to 30 June 2006.
“Cameron Systems’ continued demonstration of strong revenue growth and profitability as reflected in the final payment figure sends a very positive message to our shareholders,” says Lars Johansson, the acting CEO of Orc Software. “In addition, we can look forward to the competitive strength Cameron Systems delivers to the Orc platform in Cameron FIX enabling Orc trading applications.”
“An objective of Cameron Systems’ merger with Orc Software was to provide valuable exchange connectivity and market data over FIX,” adds Martin Koopman, the President of Cameron Systems. “Our combined customers can now look forward to more easily connecting to their clients and markets using the dominant industry messaging standard for securities trading.”
Orc Software recently announced two new appointments resulting from the acquisition of Cameron Systems, with John Cameron now Orc Software’s chief technology officer and Annie Walsh its chief marketing officer.