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TechSpan acquires Elind Computers

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CIOL Bureau
New Update

NEW DELHI: TechSpan India Ltd has announced that it has acquired the assets of Elind Computers Pvt Ltd, a Bangalore-based software provider focused on the global securities industry. As part of the acquisition, TechSpan will acquire Elind's team of 60 employees based in Bangalore.



According to sources, the acquisition equips TechSpan with an array of customizable internal matching services/components for investment banks and prime brokerages to consolidate order management systems, cross orders internally, and route those orders appropriately -- what TechSpan refers to as the "internal marketplace".



The union will help to bring clients low-risk, 'quick start' solutions across a number of areas such as trading and market making, matching and crossing engines, FIX engine and gateway, order management consolidation and more. The combination of these solutions build the foundation for an internal marketplace and help eliminate custody issues, generate instantaneous transactions, lower-risk and reduce costs for TechSpan's clients.



Commenting on the acquisition, TechSpan financial services division head Anjani Mandal said, "The acquisition of Elind's assets will enable us to change the way investment banks and brokerages do business. Using Elind's strengths with global exchanges, we can drive this new concept of internal marketplace to the securities industry and help them consolidate order flows and reduce overall trade costs through matching orders and inventories. This is great for TechSpan's clients and prospects alike."



Elind founder Mangaldas Shetty said, "The acquisition is a synergistic fit for both companies and brings tremendous value to existing and potential clients looking for innovative securities solutions. TechSpan's Global delivery capability combined with Elind's inherent strength in electronic crossing engines will offer a complete solution to brokers/dealers by reducing market impact costs and improving trading efficiencies."

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