Jersey City, NJ – October 14, 2002 – ADP Brokerage Services Group (ADP), a division of Automatic Data Processing, Inc. (NYSE: ADP), announced today that it has made an additional equity investment in Xtiva Financial Systems. The funds will be used to further enhance Xtiva's existing products via line extensions as well as develop new applications specifically geared toward increasing the efficiencies of broker/dealers in line with client demand.
The Xtiva product line enables financial services companies to automate and streamline calculating and paying sales compensation for registered representatives while offering point-and-click control for configuring the most complex payment arrangements. The products provide an important complement to ADP's existing trade processing offerings.
Xtiva's current suite of applications for the brokerage industry streamlines processing of various back-office functions as well as delivering leading-edge production and sales reporting via the Web. In June 2001, ADP formed a strategic alliance with Xtiva to market and sell Xtiva's software products to ADP's clients and the financial services marketplace in general. As part of the agreement, ADP also agreed to host Xtiva's ASP service bureau offering in its data center in New Jersey.
In addition to the increased investment, ADP also has agreed to back Xtiva's further investment in their ASP offering. Xtiva, and its business partners, ADP, IBM and Qwest Telecommunications, have built a leading edge hosted solution for those firms that wish to outsource the hosting of Xtiva's applications. The first broker/dealer, with over 3,800 registered reps, went live last month in the data center. Several other firms have signed contracts or are seriously considering this solution.
"We are extremely pleased with Xtiva's performance to date," said Marianne Brown, Senior Vice President of ADP Brokerage Services Group. "Despite a very difficult market environment, Xtiva has shown the ability to sell in the marketplace while aggressively holding the line on expenses. With the new ASP offering and the next generation of their product line, I believe we will be very successful in delivering quality solutions to our brokerage firm clients and prospects."
"ADP's increased investment in our firm is evidence of the success that we have had to date," said William Lieberman, Co-Chief Executive Officer of Xtiva. "Given the state of the equity markets today, the backing of a substantial and highly reputed firm such as ADP is very important for a small firm such as Xtiva. This new infusion provides validation that we have a business model that will be extremely successful. We are very happy with all the efforts of ADP's sales and technology groups and look forward to many more successes with ADP."
ADP also appointed a second representative to Xtiva's Board of Directors. Charlie Marchesani, Senior Vice President of Product Development in ADP's Brokerage Services Group, joined ADP in 1992. Prior to assuming the Product Development role, Charlie was the Senior Vice President of Service Delivery, with responsibilities for relationship management, technical documentation, client services, client implementations, and our help desk, product and technical support functions.
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