Progress Software Corporation , a supplier of application infrastructure software used to develop, deploy, integrate and manage business applications, will extend its operations with dedicated sales teams for Progress Apama products into the Middle East. The move comes in response to existing Progress clients of Apama products increasing their activities within the region, and the wealth of new opportunities for electronic trading, risk management and surveillance as the Middle East market develops.
“Over the last few years we’ve seen the market for electronic-based trading in established locations such as New York, Chicago, London and Frankfurt flourish,” says Eyad Abedalrazek, sales director- Middle East, Apama, Progress Software. “This is a trend that is being replicated in the less established markets as competition heats up across the globe and because the benefits of electronic trading are being increasingly recognised and deployed. Having established the footprint of Apama products successfully in Latin America and Asia Pacific in recent years, it’s now an opportune time to engage with new markets.”
Dubai, Abu Dhabi, Bahrain and Saudi Arabia, will form the focus for the first phase of expansion within the Middle East, because of the recent growth of these financial centres within the region. Progress has customer activity in the region through global deployments of Apama products and wants to build on that base.
“The growth of electronic trading in emerging markets reflects their growing maturity and investment opportunities across asset classes,” says Bob McDowall, research director, Europe, TowerGroup. “Local exchange investment in electronic trading is complemented by international banks and brokers as well as Multi-lateral Trading Platforms importing their own trading platforms to these markets. Real time electronic trading and surveillance contributes to the efficiency, transparency and liquidity of emerging markets.”
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