Orc Group (STO:ORC), a provider of electronic trading technology for listed derivatives, has announced plans to merge with CameronTec into a singular entity, according to an Orc statement.
As such, Cidron Delfi, a company indirectly controlled by Nordic Capital Fund VII and owner of both Orc Group Holding AB and CameronTec Intressenter Holding AB, will be combining both companies into a unified group. Up until now, CameronTec dealt primarily with financial messaging infrastructure and tools for capital markets, with Orc Group focusing on electronic trading technology.
The genesis for the coalescence can largely be traced back to 2012, when Cidron Delfi Intressenter AB acquired Orc Group AB. Since then, both Orc and CameronTec have operated as sovereign entities, enabling each company to fully isolate their focus on their respective product and client realms. However, given budgetary headwinds and the specter of tighter compliance measures, each group has opted to merge in a bid to streamline their trading capabilities and solutions.
According to Torben Munch, CEO Orc Group AB in a recent statement on the merger with CameronTec: “We are excited to be joining forces with CameronTec. Through its financial messaging infrastructure and services business the company has emerged as the global industry standard. CameronTec’s growth over the last few years – from focusing on a relatively niche product set, to now offering enterprise customer connectivity and onboarding solutions – is impressive.”
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“The combination of Orc’s next-generation solutions for trading and electronic execution together with CameronTec’s market-leading connectivity and onboarding offering is highly compelling. We will now be able to address expanded customer requirements for technology infrastructure, offering regulation-proof solutions and real cost savings for clients across all geographical regions,” he added.
“Today’s financial markets require broad technology solutions, enabling the replacement of aged legacy technology within banks and other financial institutions. At the same time, a modular approach is crucial, allowing for a flexible technology stack with a high level of optionality. The combined group will provide just this, a sophisticated and reliable trading infrastructure covering a number of asset classes, allowing our customers to focus on core business issues. We are confident that this new combination will greatly benefit both existing and new customers,” reiterated Anders Henriksson, CEO of CameronTec Group, in an accompanying statement.
As a result of the merger, the joint group will be spearheaded by Mr. Munch and Executive Vice Presidents Tony Falck, Mr. Henriksson and Troels Jensen. The group will continue to develop its existing strong product brands within a two division structure. The Trading & Trade Execution division will be run by Mr. Munch. The Infrastructure division will be run by Mr. Henriksson.
Earlier this week, Orc expanded the capabilities of its trading and electronic execution offering suite with market access to FEX Global Pty. Ltd. (FEX). The new connectivity offering between Orc and FEX is officially slated to launch in 2016. As a result, FEX will be offering both futures and options products across the energy and commodity realm to its existing clientele. In particular, Orc’s new gateway was developed in tandem with FEX and recently certified by the exchange during Q3, 2015.