GL TRADE completes its Fixed Income Front to Back solution with the acquisition of Decision Software

Paris - 19 November 2007

GL TRADE, the leading international provider of front to back office software solutions for financial institutions, announces the acquisition of American company DECISION SOFTWARE, currently owned at majority by its 2 founders Gerald Belpaire and Samuel Aizenberg. DECISION SOFTWARE provides North American financial institutions with Fixed Income Trading Platform, connectivity to liquidity provider and web based B to C platform. The transaction is effective from 16 November 2007.

A fast-growing company completing GL TRADE offering as a multi asset trading ISV
Decision Software, has been active in the financial markets for several years and will significantly strengthen GL TRADE's trading offering. The company will end the year 2007 with a yearly turnover of around $4.2m and expects growth above 20% in 2008. We are confident that the company will achieve at least usual GL TRADE group profitability levels in 2008.

Decision Software employs fourteen staffs based in New York city. The company also has a significant presence in Canada, through its highly developed and qualitative customer base. Gerald Belpaire and Samuel Aizenberg will continue to run the Decision Software business.

A significant positioning in the world biggest Fixed Income Market
Decision Software has more than 15 customers in the US and in Canada, consisting mainly of bankers and financial institutions. Through the years, Decision Software has built up a strong reputation based on its expertise and best of breed technology.

With this acquisition GL TRADE is in a position to create a strong US Front to Back solution in Fixed Income as Decision Software will complete GL TRADE’s US Capital Market Solutions, which already covers middle and back office and settlement solutions for US Fixed Income

"We strongly believe that the market participants will more and more look for a powerful and complete multi asset capability. Decision Software brings GL TRADE the Fixed Income component and perfectly completes our existing Equity, Listed Derivatives and Forex Trading solutions. This acquisition will strengthen our North America business where 2008 Turnover will be over $50m" noted Philippe Rapp, EVP Strategic Development and M&A at GL TRADE.

"Joining the GL TRADE Group will allow us to improve our international development and will give us the backing of the sales network of one of the foremost Front to Back software providers," added Gerald Belpaire, Decision Software President. "With our combined strengths, we are confident we will rapidly become a competitive Front to Back solution in the European fixed income market"

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