MillenniumIT

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MillenniumIT
Private
IndustryInformation Technology
FoundedMalabe, Sri Lanka (1996)
FounderTony Weerasinghe
Number of locations
London, Boston, New Jersey, Toronto, Mumbai, Colombo, Malabe
Area served
Worldwide
Key people
Mack Gill (CEO)
ProductsMillennium Exchange, Millennium Surveillance, Millennium SOR, Millennium PostTrade, Millennium MarketData, Millennium LiveOps
ServicesCapital Markets, Systems Integration, Core infrastructure solutions, IT Security solutions, Business collaboration technologies, Enterprise performance management, Telecommunications
RevenueGBP 80.6 Million (2015)[1]
Number of employees
451 (2009)
ParentLondon Stock Exchange Group
DivisionsCapital Market Solutions, MillenniumIT Systems Integration Business
Websitemillenniumit.com

MillenniumIT (known as Millennium Information Technologies or MIT) is a Sri Lanka-based information technology firm that specialises in electronic trading systems, systems integration services including IT infrastructure and consultation services,[2] and is headquartered in Colombo, Sri Lanka. It has been a fully owned technology business sector of London Stock Exchange Group since 2009.

MillenniumIT’s systems are used by exchange businesses around the world including, London Stock Exchange, Borsa Italiana, Oslo Børs, Turquoise, the London Metal Exchange, Johannesburg Stock Exchange and a series of emerging market exchanges.

History[edit]

The company was founded in 1996 by Tony Weerasinghe as a systems integrator and Sun Microsystems authorized reseller. MillenniumIT entered the software design field the following year when it interpreted a systems integration contract from the Colombo Stock Exchange (CSE) as an opportunity to design and install a straight-through processing system for the Exchange. The CSE solution became the basis for MillenniumIT’s suite of capital-markets software products. In the year 2000 MillenniumIT became Sun Microsystems’ regional distributor for Bangladesh, Nepal and Maldives. Its capital-markets software found a number of customers around the world, and in 2001 MillenniumIT won its first major US contract and set up operations in Boston, MA.

In 2002, the firm moved into its new corporate headquarters, the first Silicon Valley style software campus in Sri Lanka. The company was awarded contracts in Boston and Nairobi. It also continued to expand by opening a UK subsidiary and office in 2004. The following year, the company was contracted to provide an automated equity, ETF and options-trading system for the American Stock Exchange (AMEX).[3]

Live trading at AMEX commenced in 2006, even as the company received a US patent on its Business Innovation Dynamically (BID) technology. At home in Sri Lanka, MillenniumIT commenced implementation of a countrywide intranet for the national fixed-line telecoms provider, SLT, while US operations expanded with a new office in Jersey City, NJ.[4]

London Stock Exchange Group acquisition[edit]

Following a contract with London Stock Exchange (part of London Stock Exchange Group - LSEG) for a new trading platform for equities, MillenniumIT was acquired by LSEG in 2009[5]. The acquisition gave the company a footing in international competition, and a number of orders from around the world followed shortly.

In 2010, LSEG's Turquoise trading platform was successfully migrated to Millennium Exchange, MillenniumIT’s flagship capital-markets software. The company was now active on four continents, and important business wins continued in Canada, India and South Africa. It also entered into a partnership agreement with Tullett Prebon to further develop the IDB’s electronic broking capabilities across a variety of asset classes for internal and external trading systems. In June 2014, founder and CEO Tony Weeresinghe resigned from the company.[6]

References[edit]

  1. ^ http://www.lseg.com/sites/default/files/content/documents/LSEG%20Annual%20Report%20-%2031Dec2015.pdf
  2. ^ "About Us - MillenniumIT". www.millenniumit.com. Retrieved 2017-08-14.
  3. ^ "S'pore bourse selects MillenniumIT as post-trade tech partner". Daily Mirror.
  4. ^ "About us". Millennium IT. Retrieved 30 November 2013.
  5. ^ "Subscribe to read". Financial Times. Retrieved 2017-11-17.
  6. ^ "Founding CEO Of MilleniumIT Tony Weerasinghe Resigns". Asian Mirror. May 20, 2014.