Monday, November 2, 2015

Swedish exchange technology purchased by Goldman Sachs – Swedish Dagbladet

Large bank Goldman Sachs buys Swedish. Photo: Lucas Jackson / Reuters

The deal means to Goldman Sachs takes over all the rights to use Pantors technology, but not shares in the Swedish company . The goal of the collaboration is that the financial giant with Pantor develop the next generation platform for blazing trading session.

To achieve’ll Goldman Sachs to build a new Fintech lab on Pantors offices in Stockholm, with the goal of collecting the brightest minds in the industry.

– You could say this: If you like the search engines, go to Google. If you like streaming services, start working on Spotify. If you like trading technology – came to us. This lab will be the best workplace in the Nordics for developers in trading technology. The others will not have a chance with the kind of resources that we have now, says Pantors co-founder Rolf Andersson Breakit.

Pantors technology used of banks and exchange operators such as SEB and Nasdaq Stockholm (Stockholm Stock Exchange). Concretely it is about software that ensures that a transaction has actually taken place and that it is done in a quick and reliable way.

With the agreement with Goldman Sachs will be the Swedish company now double the number of employees in Stockholm , from the current 25. Adviser to Pantor in the transaction was the Swedish investment bank GP Bullhound.

– This means that we gradually control of all our work against Goldman Sachs. Exactly how many we are on location in Stockholm will vary somewhat over time, because we see the value of rotating staff between the various labs such as Goldman Sachs, London, New York and Bangalore, India. But we will from now on be gradually recruit in Stockholm, says Rolf Andersson.

The Parties have chosen not to tell you how much Goldman Sachs pays for Pantors technology.

A not completely unusual approach to this type of agreement is that the buyer first takes over the technology, and then the next step is buying the shares.

It would in this case mean that Pantor get a couple of years in which to liquidate their existing customer commitments. At that stage it will be easier for Goldman Sachs to buy up the company Pantor.

Rolf Andersson would not comment Breakits questions on that point.

He says that talks with major bank has been ongoing since Six months back, and that the essence of the agreement is that the parties will agree very well.

– Technology is one thing. But the great value for Goldman Sachs is to gain access to the team. We have asked ourselves: Would we fit together? You have to know each other on the pulse. I think we have a very good mutual understanding of what is important, but also what is difficult, says Rolf Andersson.

Pantor founded in 1999 by Rolf Andersson, Anders Furuhed and Ola Arvidsson, who all have a background on the exchange operator OM, who later became OMX and later still the Nasdaq.

The three founders are today still majority owner of Pantor, which last year had sales of SEK 31 million and made 2 million in profit.

The company is therefore relatively small – but now with a partner who is one of the greatest players in the world.

– For me and my team some can see what we are positioning ourselves for a future in which it will be important to have great resources. I think that the big investments still lies ahead. The pulling down of the rate of investment will not make it, says Rolf Andersson.

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