(PRLog.Org) – NEW YORK, NY. – April 4, 2007 – In response to the news announced today that the assets of market data provider Xcitek, LLC are being acquired by Interactive Data Corporation, XcitekSolutionsPlus, LLC (“XSP”) confirmed that it will remain an independent and separate business entity developing and supporting its flagship software solution, XSP™, for Corporate Actions processing automation.
Prior to the acquisition, three companies were branded under the well-established “Xcitek” name. These included: Xcitek, LLC, provider of market data solutions; XcitekSolutionsPlus, LLC, provider of Corporate Actions software; and Xcitek Consulting Services Inc., provider of full-service staffing to financial institutions. XcitekSolutionsPlus, LLC, and Xcitek Consulting Services Inc. will continue to operate as separate independent business entities, with XcitekSolutionsPlus, LLC being re-branded as “XSP”.
Brendan P. Farrell, Jr., Chief Executive Officer at XSP, commented, “While the three companies provided complementary offerings and marketed under the common ‘Xcitek’ brand name, each entity always focused on their individual core businesses. With the sale of the market data company, the XSP software and Xcitek consulting businesses will continue to grow within their respective sectors.”
XSP will remain in its current locations with offices in Birmingham, London and New York. To facilitate growth in the Corporate Actions software business, the XSP New York staff recently relocated to new space on the 20th floor at 5 Hanover Square. The acquisition of the market data company by Interactive Data Corporation has no impact on XSP clients or its personnel.
“XSP was fortunate to be born out of the leading provider of Corporate Actions data solutions and we have successfully leveraged this expertise to position us as the leading player in the Corporate Actions automation space,” said Farrell. “Now as a mature organization with a proven implemented solution supporting over 55 clients globally, the acquisition of the assets of market data provider Xcitek, LLC offers even greater opportunity for us to grow, independent of any other related business entities. This is the most exciting time for us yet, as we launch the V5 platform – the next generation in Corporate Actions automation technology. V5 incorporates our extensive industry-leading business processes – developed with our global client partners over our first 11 years – with our new SOA/Web Services based technology that facilitates integration across the enterprise backboned with a more robust and secure globally-scalable architecture.”
XSP supports the most comprehensive Corporate Actions data interfaces in the financial industry with the world’s leading data providers. In addition to Xcitek and Interactive Data, XSP also has interfaces with such international market data providers as Bloomberg, Canadian Depository for Securities Ltd. (CDS), DTCC, Exchange Data International, Fidelity ActionsXchange, London Stock Exchange, Reuters, Standard & Poor’s, Telekurs and more.
XSP is the leading provider of Corporate Actions automation software for the global financial services industry. Accredited with the SWIFTReady label, XSP is an ISO 15022 compliant platform proven to mitigate the operational risks and costs associated with Corporate Actions processing. This leading-edge solution features an extensive workflow module and robust data management tools. The XSP web-based eTRAN™ and ISO messaging modules automate the client notification and response capture and reconciliation of elections on complex Corporate Actions events. The XSP Entitlement Management module completes the Corporate Actions processing lifecycle for true end-to-end STP. With over 55 global clients, XSP is the most widely-implemented Corporate Actions solution in the world.
For more information, please visit us at www.xsp.com.