Orc Software (SSE: ORC), the leading global provider of technology for advanced trading, market making and brokerage, today announced it has signed a memorandum of understanding to divest its entire 51% share of E2E Infotech Limited, a London-based financial solutions provider. The buyer is aurionPro Solutions Limited, a technology and product solutions company headquartered in Mumbai, India.
”Divesting Orc Software’s ownership of E2E is in line with our objective to further streamline our business,” says Thomas Bill, CEO, Orc Software. ”We will continue to promote E2E’s competence to our customers as they will remain an important business partner with Orc Software.”
The sale of E2E shares will have minimal impact on Orc’s 2007 income. In fiscal year 2006, E2E contributed to a net profit of about SEK 0.9 million. The transaction is expected to close during the second quarter of 2007, and will result in a marginal realised profit.
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