Delta Index bets €3m on IT expansion

11 Aug 2008

Dublin-based spread betting house Delta Index has pumped €3m into an upgrade of its online trading platform and plans to double its IT development team to 20 over the next 18 months.

The firm, headed by former AIB treasury boss, Michael O’Shea, said the upgrade includes an investment of €500,000 towards in-house development of a proprietary trading platform.

The remaining €2.5m will go into project outsourcing with partners in Ireland and India.

O’Shea revealed that a further €1m per annum over the next three years will be invested in the company’s IT platform in Dublin.

According to the company, its XDeal trading platform is on a par with the top two or three global players in the lucrative financial spread betting market space.

This, it says, will allow Delta Index to stand apart from its European competitors who license their services as ‘white label’ applications from third-party suppliers.

“With over 95pc of Irish trading carried out online, this investment allows Delta Index to provide clients with a more dynamic and robust trading experience as they trade the world’s financial markets,” O’Shea explained.

“Over the next three years, we have earmarked a further €1m per annum for IT investment as we continue to build our development capacity in Dublin.

“We expect our core IT and software development teams to double to 20 people over the next 18 months in line with our expansion into European markets and the rollout of additional financial products,” O’Shea continued.

“A cornerstone of this expansion is our online trading system, which allows us to rapidly adapt our product offering and add new features in a scalable manner as our European client base grows,” he said.

By John Kennedy

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years