FlexTrade to Acquire Citi's ColorPalette OMS

FierceTelecom is the leading daily news source for Telcos and telecom industry insiders. Every business day, FierceTelecom provides up-to-the-minute coverage of "what's next for Telcos" -- the news, trends, and technologies moving the telecom industry forward. Get the latest news and insights on IPTV, IMS, VoIP, WiMAX, and other important service provider topics. Visit our website and sign up for our daily email briefing today.

NEW YORK--(BUSINESS WIRE)-- FlexTrade Systems, Inc. announced today that it is acquiring ColorPalette Order Management System from LavaFlow Inc., a subsidiary of Citigroup (NYSE: "C").

"FlexTrade has been providing state-of-the-art, broker-neutral trading technology to sell side institutions and asset managers for more than 14 years," said Vijay Kedia, President and CEO of FlexTrade Systems. "So we are excited to work with ColorPalette OMS customers to support their existing business as well as deliver new capabilities."

Greg Ludvik, a 10-year Citigroup veteran, will join FlexTrade to run the ColorPalette OMS and business development. FlexTrade is also retaining ColorPalette's existing development, product and support teams. "One of our overriding goals during this process is to make sure the transition is seamless for ColorPalette customers," continued Kedia.

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.