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Tony Weeresinghe, chief executive of MillenniumIT, said the deal would help the company expand into other markets and invest for the future.
"We intend to leverage the (London Stock Exchange) Groups strong global franchise to further develop our global exchange technology sales business," he told a news conference in Colombo to announce the wrapping up of the deal
The London Stock Exchange said its acquisition of MillenniumIT will provide the group with a new, high performance trading platform and an "agile, efficient, in-house IT development capability"
It would also give MillenniumIT the backing it needs to enable it to develop further its global exchange technology business, according to a statement issued at the news conference.
Xavier Rolet, chief executive of London Stock Exchange Group is visiting MillenniumIT's corporate headquarters and software development campus in Colombo.
As part of his trip, Xavier will meet with local dignitaries and senior representatives of leading Sri Lankan companies.
Commenting on the completion, Xavier Rolet said: "MillenniumIT will transform our in-house IT development capabilities by giving us proprietary ownership of our technology, allowing us to be more responsive to our clients needs, delivering enhancements and innovations more quickly, and at lower cost."
The London Stock Exchange Group will begin migrating clients to MillenniumITs trading system, replacing TradElect, Infolect, and other interfaces.
"The new platform will allow the group to enrich its functionality and reduce IT development and operational costs, resulting in estimated annual savings of at least 10 million pounds from the 2011-12 financial year.
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