Online financial services firm Saxo Bank has acquired a 40% stake in Danish offshore software and IT service provider Initto.
Established in 2003, Initto has around 200 employees based mainly in India and Ukraine.
Saxo Bank says the transaction will enable the bank to continue to support and speed up the development of its Web and phone-based trading systems.
In a joint statement, Kim Fournais and Lars Seier Christensen, Co-CEOs and co-founders of Saxo Bank, said: "The acquisition is in line with our ambition to acquire fully developed businesses and utilise their expertise to develop and strengthen Saxo Bank's products and services."
Financial terms were not disclosed.