By Ivan Anderzhanov
Saxo Bank, the online trading and investment specialist, has today announced the acquisition of a 40% stake in Initto, the Danish owned software provider with 200 staff located mainly in India and Ukraine.
The company said the acquisition of Initto will enable it continue to support and speed up the development of its trading systems.
Since its establishment in 2003, Initto has grown by an average of 50% per year and expects to improve its products with the support of Saxo as a financial partner.
In a joint statement, Kim Fournais and Lars Seier Christensen, the co-founders of Saxo Bank, said: “The acquisition is in line with our ambition to acquire fully developed businesses and utilize their expertise to develop and strengthen Saxo Bank’s products and services.”
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