GBST Holdings Limited (ASX: GBT) a leading provider of securities transaction and fund administration software to the financial services industry, is pleased to announce that PensonWorldwide, Inc (Nasdaq: PNSN) has entered the Australian clearing and custody market and will utilise the market leading solution GBST Shares product to facilitate a third party clearing service.
The agreement with Penson is a significant business initiative and complements the recent GBST acquisition of Coexis for $40 million in December 2008. Penson is the largest client of Coexis in the United Kingdom and Coexis currently provides Penson with processing and technology services through its next-generation technology platform Syn~ in the United Kingdom, United States and Canada.
Craig Mason the Managing Director and CEO of Penson Financial Services Australia said “Penson viewed GBST as the logical provider in this market, their domestic experience and reputation coupled with their international ambitions will ensure Penson have a solution day one to meet the needs of the Australian market. Furthermore, we are confident that the investments made by GBST in the later stages of 2008 will assist in evolving the processing and settlement requirements for the market moving forward.”
Stephen Lake Group Chief Executive Office of GBST said “GBST has ambition to provide multi-market solutions to large global financial institutions and market participants. The opportunity to partner with Penson in the Australian market as they roll out their third party clearing business is exciting and certainly is one step toward meeting our ambitions. Penson are a major player in the United States and Canadian markets and it is a sign of confidence in the existing GBST product base and our future plans that Penson have partnered with GBST for the domestic market.
“In December 2008 we completed our acquisition of Coexis which represents a significant investment in our technology capability to meet the fast changing requirements of financial markets. Despite the significantly difficult market conditions being experienced by all industry participants this investment is consistent with our ambition and will help GBST further realise this ambition. Our Wealth Management division has recently gone live with a second client in the United Kingdom whilst in Asia Syn~ has been rolled out to another institutional customer. Despite difficult trading conditions for all market participants we are continuing to fund new business and invest in our services to current and potential clients.”
Penson Financial Services Australia is scheduled to commence operations for customers in the second half of 2009 subject to regulatory approvals.