Saxo orders technology takeaway
Saxo continues to spread its tentacles. The bank has just taken a 40% stake in Initto, the Danish-owned software and IT services provider. Initto has around 200 employees based mainly in India and Ukraine. Saxo says the acquisition will allow it to continue to support and speed up the development of its various trading systems, while Initto will continue to develop software and provide services to its existing client base.
“The acquisition is in line with our ambition to acquire fully developed businesses and utilize their expertise to develop and strengthen Saxo Bank’s products and services. Over the next few years, we will be working with Initto to further increase the value we offer our own clients. Initto’s current and future client base will also benefit from our commitment as client and shareholder. We want to remain a first-class service provider and we believe Initto can help us achieve this goal,” say Kim Fournais and Lars Seier Christensen, Saxo’s joint chief executives in a press statement,