10 August 2012 - Paritech to merge the Trading platform business of PhoenixAI
Paritech has signed an agreement with the Melbourne-based PhoenixAI to merge their market data and trading platform with Paritech’s operations. This move will accelerate Paritech’s growth in the active and day trading platform market, making it the leading provider of Advanced Technical Analysis Trading Software.
Coupled with the recent closure of MDS’s core BourseData platform – another former competitor in this space – the additional business will result in a revenue boost to Paritech of about $1 million a year.
Paritech CEO Rick Klink says: “I am delighted that the team at Phoenix will be joining us. The deal will deliver additional scale and depth of resources to win business in these challenging times.
“The PhoenixAI software is regarded as the most sophisticated technical analysis software program in Australia for equities, futures, forex and cfd trading. We will immediately start marketing the software to our current stockbroker and trading clients.
“In addition, Paritech will transfer the current users of PhoenixAI on to our market data and trading infrastructure, thereby driving considerable cost savings in the group.”
PhoenixAI CEO Antony Stanton says: “PhoenixAI management is pleased to merge with Paritech. We will be able to substantially increase the market share of the PhoenixAI software by leveraging the broad distribution channels opened up by the Paritech group.
“We will also expand our suite of product offerings to clients by leveraging Paritech’s trading, portfolio management and administration solutions.”
Klink said: “Paritech’s acquisition of PhoenixAI reflects a day-trader market that has contracted sharply since the Global Financial Crisis, particularly affecting those companies solely devoted to this market segment.
“There is no better example of this than the decision by MDS, a 20-year veteran in the day trading software space, to close down its BourseData platform.”
Paritech, which will employ key PhoenixAI support and software development staff as part of the acquisition, is a leader in the development of front and middle office web-based technologies for the finance Industry.
Its product range covers the complete Investment cycle, including account opening, online education, research tools, data feeds, trade processing, cost based reporting and advanced accounting systems.
Paritech recently concluded a strategic agreement with the NSX to offer all the exchange’s listed securities on its trading systems.