Market Connect integration and synergy capture on track
Infront ASA is pleased to announce that the integration of Market Connect progresses according to plan. Initial cost savings of approximately NOK 5 million on an annual basis have been realised at group level by consolidating exchange and data contracts. The realised cost reductions will have full effect from the second quarter of 2019.
Earlier this week, Infront Italia (previously Market Connect) introduced the Infront Professional Terminal to the Italian market with quality content covering the local financial market, including real-time data, news, reference data, corporate actions, regulated information and exchange notices. Infront Italia is the leading financial market data and content provider in Italy.
“We are on track with the integration and Infront Italia shows clear signs of becoming a successful add-on to Infront. Furthermore, we have realised initial cost synergies in-line with our overall ambitions. We see additional synergies from a further consolidation of data contracts of NOK 2-3 million on an annual basis. Furthermore, we have a target of reducing costs in Italy by another NOK 5-10 million per year through operational improvements over the next 18 to 24 months,” said Kristian Nesbak, CEO of Infront. “Overall, this is in line with our strategic ambition of European growth through accretive M&A. With our flagship product now available with high-quality Italian financial market data in Italy and internationally, we also increase our organic revenue growth potential.”
Infront acquired Market Connect in late 2018 to expand the European revenue base and market share. Infront Italia provides feed, web solution and terminal products and related services to more than 20,000 finance professionals and more than 100,000 retail investors through partners with annual revenue of approximately NOK 125 million.
“The new Italian market data content is a natural extension to the global market data already provided in the Infront Professional Terminal. The combination of in-depth Italian market information with the expert analytics and trading functionality available in the Infront Professional Terminal will give clients in Italy and internationally control of their entire workflow, and an edge in the Italian market,” said Kristian Nesbak. “By adding new data, we also strengthen our position across our established markets.”
Infront provides a unique combination of global market data, news, analytics and trading tools. With over 20 years of product development driven by our clients’ business needs, the Infront Professional Terminal is the most user-friendly and flexible terminal in the financial market. We help buy-side and sell-side institutions grow their businesses, reduce costs, adapt to fast changing market requirements and work more effectively with ever-increasing amounts of information. Over 40,000 professional subscribers worldwide rely on Infront’s services. Infront is listed on the Oslo Stock Exchange and has offices in eight countries across Europe and South Africa.
For more information please contact:
Kristian Nesbak, CEO Infront
Max Hofer, CFO Infront
+47 971 48 953
Or visit infrontfinance.com