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Foreign Exchange

IT cutbacks starting to impact?

A recent report from Celent Communications – Securities and investments IT spending. Update: navigating the new volatility – highlighted the fact that spending on information technology projects will inevitably shrink. “It now appears that the sub-prime crisis was only the tip of the iceberg in the dangerous, cold financial waters of 2008... Consequently, as financial companies recede, reorganize and seek safe harbours, IT spending and priorities take focus as firms consider their competitive position, capital base and growth prospects,” the firm writes.

 

Inevitably, if Celent’s prognosis proves correct, which looks a fair assumption, many vendors will come under pressure. Redundancies are already stalking the sector and there is widespread talk of consolidation. For months there has been a lot of buzz around Cognotec, with well-placed sources adamant that it has been seeking a fresh capital injection. The latest talk is that it has found a partner of sorts, although the company will not yet be drawn into disclosing any details. No doubt more will follow.

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