SSI buys Nasdaq share in JV

CHENNAI: Erstwhile training major and aspiring software major, SSI Ltd has acquired 100 per cent shareholding in the Bermuda based IndigoMarkets Ltd. Effective 30 September 2003, IndigoMarkets is a wholly owned subsidiary of SSI Ltd. Financial details were not revealed.

IndigoMarkets was formed in January 2000 as a 55:45 joint venture between Nasdaq Global Holdings and SSI Ltd to facilitate Nasdaq’s global expansion by providing support and services around the TESA family of stock exchange automation products. These products are the property of IndigoMarkets. SSI was the technology partner to the joint venture.

"IndigoMarkets provides SSI opportunities to work on securities solutions for a global clientele," says Kalpathi Suresh, Chairman and CEO, SSI Ltd. "While Nasdaq remains a TESA licensee and a valued SSI customer, both partners now feel their future collaboration is better served outside the joint venture structure."

"The Acquisition of IndigoMarkets will provide flexibility through unrestricted marketing of the securities solutions globally," says M.Ramprasad, Director, MAPE Advisory Group, the transaction adviser to SSI. "The acquisition would enable SSI to effectively leverage the product portfolio developed for the Nasdaq Group."