London, 3rd April 2009. Following a resolution at its AGM, KTS plc (Knowledge Technology Solutions) has changed it name to Arcontech Group plc, incorporating the name of its wholly owned subsidiary, Arcontech Limited, the real-time market data and trading systems software specialist.
KTS plc acquired Arcontech Limited in September 2007 and shortly afterwards appointed Andrew Miller, its managing director as CEO of the Group. A successful funding round in April 2008 raised £1.2m of investment capital which has been applied in research and development of the “CityVision” enterprise market data platform and “AXE” trading system for retail derivatives.
The KTS “Market Terminal” product and other unprofitable legacy operations have been closed down, removing over £1m of recurring costs from the business and generating cash from the sale of assets.
Group CEO Andrew Miller commented “The change of name marks the end of a difficult period following the acquisition of Arcontech just over a year ago. However, we have kept to our plan, invested significantly, restructured and rationalised our product offerings and I believe are now well positioned to capitalise when the markets recover. Even in this climate we are achieving significant new sales, confirming our CityVision market data platform as increasingly attractive to firms of all sizes looking for cost reduction without loss of reliability or functionality. Our AXE on-line trading product is now live, supporting firms with thousands of users in their spread betting and Contracts for Difference operations and benefiting from our strategic enhancement of real-time trade and risk management.”