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OMX Extends Agreement with Kaupthing Bank

Originally published November 14, 2005

OMX Technology recently announced that it will assume responsibility for the development of certain parts of Kaupthing Bank’s processing software. This is an extension of an existing agreement, under which OMX Technology will provide a new pan-Nordic solution for back-office operations. The extended agreement further supports Kaupthing Bank efforts to make securities processing more efficient and also establishes an OMX presence in Iceland, creating a platform to support the growth of the Icelandic financial services industry.

The development covered by this agreement is currently managed by Libra, which specializes in developing software for the financial market in Iceland. The agreement includes plans for all Libra assets, customers and 30 employees to be transferred to OMX Technology.

Kaupthing Bank, Libra currently has more than 20 customers in Iceland, and a range of software applications for securities processing, pension and loan management. Through OMX all Libra customers will have the opportunity to benefit from added service and development expertise as well as an extended solution portfolio.

The Icelandic market and the long term partnership with Kaupthing Bank are key components in OMX’s efforts to secure prospective partners for its technology business targeting banks and brokerage firms.

This BeyeNETWORK news item contains information from a recent press release by the company mentioned.