Back office systems vendor Rolfe & Nolan says it will ramp up investment in its "next generation" derivatives processing platform, Merlin, by 50% to $3 million in 2005.
For the year ending 28 February 2005, Rolfe & Nolan anticipates annual operating profit of £5.2m, 73% higher than £3m last year, on turnover of £24.4m, which is up 21% from £21.8m a year ago.
Last year the firm says it spent over $2 million developing the modular Merlin processing system - initially conceived as a replacement for its current technology platform - and plans to increase the investment by over 50% in 2005. The vendor has been developing the Web-based system for over four years and initially secured funding from clients - including Deutsche Bank and UBS - to begin development.
Rolfe & Nolan says it will be rolling out of the trade and position management system central core for Merlin in 2005, as well as providing components to handle complex exchange fee structures, risk management and US exchange links.
The vendor says it will also increase investment in its order routing system, RANorder, and front end application, Edge.
This is Rolfe & Nolan's second year trading as a private company. The firm completed a management buy ouy in early 2003 with the backing of HgCapital.