ITEL IT&E

    RNS Number : 0316Y
  IT&e Limited
  01 July 2008
   

    1 July 2008 
    IT&e Limited   

    IT&e secures a major CCP initiative in North America

    The Board of IT&e Limited ("IT&e")(ASX: ITE)(AIM: ITEL)(ITJEF: PNK), a leading provider of software and consulting services to the
global financial markets, is pleased to announce that a new customer ("Partner") has selected IT&e's RAZOR product as its core risk
management application.  The Partner cannot be named at this time for commercial confidentiality reasons internal to the Partner. However
IT&e expects to be able to name the Partner soon once clearance has been received to do so.

The soon to be launched Partner exchange and clearinghouse, will offer risk functionality well beyond the current industry standard for the
Central Counter-Party (CCP) market space.  IT&e and the Partner have executed a license agreement which will enable the Partner exchange and
clearinghouse to make use of RAZOR's high-performance risk engine to meet all in-house risk management needs as well as to provide real-time
risk information to their members. 
    
This transaction constitutes the third large CCP risk technology mandate awarded to IT&e, and further distances RAZOR from the competition
in this high-impact market segment. It also represents a milestone for IT&e in providing coverage to exchanges across the globe - Asia
(ASX), Europe (LCH Clearnet) and the Americas (the Partner).  
    
John Groetch, IT&e's Chief Operating Officer for the Americas said, "This win demonstrates RAZOR's leadership in the CCP realm where we
expect enormous growth opportunities as the OTC marketplace continues evolving toward centralized clearing and settlement. Inter-dealer
strains are currently evident across all tiers of the OTC markets, and regulatory and capital drivers further underline the need for a new
model that inherently reduces counterparty credit risk and optimizes capital allocation. The Partner team is rife with thought leaders and
industry stalwarts who we believe are setting a new standard for the OTC marketplace."

    Besides an upfront license payment, this transaction includes an annuitised payment stream with additional upside potential dependent
upon exchange participation levels. This deal also involves partnered development and deployment between IT&e and one of the world leading
exchange software providers.  IT&e will release further details of this deal when releasing its financial results for Financial Year 2008.

    In addition to this significant deal, IT&e has also recently closed a Razor License and Maintenance Agreement with a major UK financial
institution. In that particular case Razor will be used to address the client's Economic Capital planning requirements.

    Because of the timing of the two transactions, the full revenue impact will not be refelcted in Financial Year 2008. That circumstance,
the previously announced loss of a joint venture to develop PTX and because two other large deals in negotiation have spilled over to
Financial Year 2009 means that IT&e will not achieve an operating profit in Financial Year 2008. Actual results have not been finalised and
will be subject to usual accounting adjustments around revenue recognition and carrying value of goodwill. At this time IT&e expects to make
an operating loss for Financial Year 2008 in the range of $3.7m to $4.2m. 
    
Enquiries/Additional Information:

    IT&e
    James Maranis - CEO: +61 2 9236 9427

    Grant Thornton UK LLP
    Fiona Owen: +44 20 7383 5100



    About IT&e Limited 

    IT&e is a technology company dual listed on the Australian Stock Exchange and AIM Market of the London Stock Exchange, specialised in
providing solutions to the global Financial Services markets.

    IT&e offers three flagship products, RAZORTM NextSetPTXTM and Monarque�, to financial institutions. RAZOR enables organisations to
effectively address their market, credit and liquidity risk management requirements, both on an enterprise and a departmental basis. Razor
clients include L.C.H.Clearnet Group, ANZ, HSBC, ASX, Federal Home Loan Bank, Pittsburgh, Man Group plc, RBC and Calyon New York. PTX
enables on-line trading of over the counter securities across multiple asset classes (Securities, Money Market, FX, etc.) PTX clients
include NAB and ANZ. Monarque supports trading and treasury management at major banks and broking houses, and comprises modules designed to
automate front-office functions. Monarque clients include Brown Brothers Harriman, Bear Stearns and the Chicago Mercantile Exchange. 

    IT&e is headquartered in Sydney with offices in Melbourne, London, New York and Chennai, offering a highly skilled team of specialists,
providing technology services across the financial markets and risk management business areas. 

    For further information about IT&e please visit our website at http://www.ite-fs.com




This information is provided by RNS
The company news service from the London Stock Exchange
 
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