Paritech trading platform merger
In a move the two firms say will help them gain further traction in the self-managed superannuation funds (SMSF) sector, Paritech has signed an agreement with the Melbourne-based PhoenixAI to merge their market data and trading platform.
Commenting on the move, Paritech chief executive Rick Klink said the transaction would deliver additional scale and depth of resources to win business in the trading and SMSF sectors.
He said that coupled with the recent closure of MDS's core BourseData platform, the additional business would result in a revenue boost to Paritech of about $1 million a year.
Klink claimed the PhoenixAI software was 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," he said.
"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."
Klink said his company's acquisition of PhoenixAI reflected a day-trader market that had contracted sharply since the Global Financial Crisis, particularly affecting those companies solely devoted to this market segment.
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