As part of the transaction, 40 specialists in developing equity trading applications and platforms will be transferred to Cinnober.
The acquisition will provide Cinnober with new expertise in execution services and the development of high-volume, low-latency data warehousing, and also includes transitional support agreement for Nomura’s Umea office’s developed and managed ongoing system operations.
Cinnober executive chairman Nils-Robert Persson said the acquisition is a great step in the company’s development and positions it for future growth.
"Cinnober has achieved international success over the past decade working from a single office with almost 200 employees in central Stockholm. Our growth plans call for getting more people onboard as well," Persson added.
The unit was inherited by Niomura following its 2008 purchase of European operations Lehman Brothers European, and was responsible for developing the LSE MTF system Baikal, besides technology applications and platforms for data capture and analysis in equities trading.
The office also provided financial transparency standards compliant platforms, which helped the company to deliver trade reporting, market statistics and information.
