New York, NY, January 25, 2007 – Xcitek®, the leading global provider of Corporate Actions software, market data and consulting services, announced today that a global investment management firm with over $100 billion in client assets, has selected the XSP™ software for automated Corporate Actions processing. The investment management firm, with headquarters in Boston, MA, has also licensed the ISO module for automated notification and response capture of elections.
Accredited with the SWIFTReady Corporate Actions Label, XSP is ISO 15022 compliant and features comprehensive data scrubbing tools, workflow management modules, web and ISO messaging for client notification and response capture, and complete entitlement processing. Utilizing its rules-based, data-scrubbing engine with built-in exception handling capabilities, XSP captures and sanitizes data from multiple vendor sources and custodian data. Through workflow tools, tasks are automatically routed to designated parties to handle the required action. XSP also offers the ability to track event notifications and elections via its web-based module, eTRAN, by generating notifications to intermediaries for desired elections. Instructions are automatically updated to the back-end system for reconciliation and entitlement processing.
Brendan P. Farrell, Jr., Chief Executive Officer, XSP, at Xcitek, said, “As Corporate Actions volumes continue to soar, global financial institutions, such as this latest client, recognize the need to automate their operations. In 2006, the markets experienced record-breaking M&A activity in the global investment management industry. With projections of this continuing upward trend set for 2007, we anticipate another year of significant growth and tremendous opportunities for XSP across all market segments.”
Frank Piraino, Senior Vice President, XSP, at Xcitek said, “We are pleased to welcome this global investment management firm to our growing client base: our second prestigious global asset manager in less than 30 days. Following an extensive product review of XSP, this client also took the opportunity to see the XSP software first-hand in a production environment at one of our other investment management clients. This on-site visit, combined with our leading position in the Corporate Actions space and our reputation for achieving smooth and timely implementations were all key factors in their decision to license XSP. We look forward to working closely with our latest client to meet their aggressive implementation schedule.”
About Xcitek
Founded in 1986, Xcitek is the global leader in Corporate Actions software, market data and consulting services to the financial community.
Accredited with the SWIFTReady Corporate Actions Label, XSP is ISO15022 compliant and features an extensive workflow module, robust data scrubbing tools, web and ISO messaging for client notification and response capture (eTRAN™), and complete entitlement processing to manage the entire corporate actions lifecycle - thereby reducing risk and maximizing operational efficiency. With over 50 licensed clients, XSP™ is the most widely-implemented corporate actions system in the world.
Xcitek’s market data offerings include Corporate Actions, Cost Basis, Class Actions, Securities Payments, and other financial data, serving over 2,000 clients worldwide. Ranked #1 for ten consecutive years by The Summit Group, Xcitek has led all other providers in its categories in such areas as data accuracy, data timeliness, coverage and delivery reliability. User-friendly, flexible and affordable, Xcitek’s web-based solutions deliver time-sensitive and critical information straight to the desktop.
Xcitek’s consulting and staffing group provides financial institutions with highly skilled professionals for temporary and permanent placement in operations, outsourcing, project management and systems conversion. With its comprehensive database of experienced professionals, Xcitek carefully screens candidates to match clients with the appropriate personnel to assist them in successfully reaching their goals.
For more information, please visit www.xcitek.com or www.xsp.com.
