Nasdaq-listed INTL FCStone has opened a captive IT development company with offices in Bangalore, India, named INTL FCStone Technology Services, which began operations last July 1.
The new venture arises out of a previous relationship with DigitalDot Consultancy India in which DigitalDot performed development services exclusively for INTL.
After working together for close to two years and building a predominately Bangalore-based team of developers to a point of critical mass, INTL executed on its longer-term strategy to internalise its software development by offering to employ all of DigitalDot’s developers.
The newly organised INTL FCStone Technology Services will serve all the company’s business lines as it continues to progress its already robust technology capabilities. The Bangalore office opens with 70 employees and expects to fill another 35 positions very soon.
”This new office will afford us the opportunity to leverage the technological expertise in Bangalore to enhance and complement our existing software capabilities,” said Xuong Nguyen, COO for INTL FCStone.
“INTL remains committed to maintaining its high-touch approach to client service, but to also leading the industry with technology solutions that meet the demand of today’s global financial markets,” said Nguyen. “Our team in Bangalore has, and will, continue to play a large part in developing advanced trading, analytics and other software products for our various business lines.”