Bangalore based Omnesys takes controlling stake in Chennai based Harsa IT
With this stake, Omnesys becomes a complete solutions partner to brokers, banks, hedge funds, institutions and other customers.
Bangalore based Omnesys Technologies Pvt Ltd(Omnesys), a leading provider of Order Management Systems and an Algorithmic trading platform provider today announced that it has entered into a definitive agreement to take a controlling stake in Chennai based Harsa IT Solutions Pvt. Ltd (Harsa IT), a provider of back office, PMS and wealth management products.
The financial details of the transaction were not disclosed. Omnesys products are used extensively by institutions, exchanges, brokers, traders and prop trading desks. Omnesys is an empanelled vendor on all the Stock, Currency and Commodity exchanges in India.
Its trading solution NEST is used by leading brokerage houses both in India and the UAE on Institutional Desks, DMA gateways, Automated / High Frequency trading, Internet trading, Mobile Trading, Retail and proprietary trading desks.
A fully integrated online trading system for multi-asset products, NEST also provides easy access to trading for clients such as sub-brokers and individual investors. Harsa IT has pioneered the ONLINE Broking back office solution offering with end to end integration of the accounting, operations, RMS, eKYC, CRM, with unique integration of LEAD/Prospect acquiring.
All the solutions are offered on the XDK an in-house Rapid Application Development for quick go to market. With this partnership, the combined offering from both companies will enable them to seamlessly integrate the products and provide significant value to customers.
The synergy in this partnership will enable us to provide an integrated end to end solution for the broking community. With extended trading hours across different markets and time zones the integrated solution will benefit the broker with real time reports of clients’ balances, margins and exposures.
This will also reduce the Total Cost of Ownership (TCO) for the broker. This strengthens Omnesys position as a complete solutions' partner to brokers, banks, hedge funds, institutions and other customers. The company’s current product base handles front office and trade execution capabilities.
Integrating with a back office solutions provider like Harsa IT completes the end to end solution from trade generation to trade reporting and trade accounting as well as post trade processing.
This enables Harsa IT to offer its products to a wider audience. Omnesys has more than 200 customers in the space and it opens up the ability to provide back office solutions to all of them. A seamless integration of the most of the customer product suite will enable cost and operational efficiencies. Such a synergistic combination will also rationalize margining, real time updates and updation of exposure.
Our customers though will be the biggest beneficiaries. Shrikant Pandit Managing Director, Omnesys said "Harsa IT’s product base is an excellent extension to our products offerings and with this stake we will be providing a complete end to end solutions to our customers.”
G Sashi Kumar, Director, Harsa IT said "We have found an excellent partner in Omnesys and are very excited about the benefits our existing clients, employees and key partners can gain. Omnesys’ ability to forge strong relationships with customers will help us provide more varied and better value to customers.”