Contract will help PowerPlace achieve ambition to reach £1bn premium by 2012
Open GI has signed a £10m contract with electronic trading provider PowerPlace to develop new products on the Open Trader platform.
The contract spans three years and reflects PowerPlace’s ambition to launch 100 new products during that time.
The two businesses have common shareholders, led by Towergate boss Peter Cullum, who has publicly outlined plans to see PowerPlace reach £1bn premium by 2012.
Open GI managing director Chris Guillaume said: “The industry has been crying out for an end-to-end solution for commercial business, and Open Trader and PowerPlace have filled that gap.”
PowerPlace chief executive Matthew Reed said: “Open Trader … gives us access to an established community of brokers thanks to Open GI’s market share.”