SmartStream Technologies acquires BPM & Messaging specialist Connextive and emerges as a major STP player
London, 7 July 2003. SmartStream Technologies, the global Transaction Management vendor, announced today the acquisition of Connextive Inc., the leading new technology provider of Business Process Management (BPM) and Financial Messaging products for STP integration. This highly strategic acquisition is in line with the company's global strategy to become the pre-eminent STP enabler in its sector of the financial services industry. The Connextive acquisition forms a core component of the company's STP Control Architecture, which is transforming the company from a strategic STP Application provider to a strategic STP Architecture vendor.
Martin Brown, CEO, SmartStream Technologies said: "We have acquired the most advanced and functionally rich, Java based BPM Messaging architecture available. Connextive is a new breed of Financial Messaging system, crucially different because it delivers control and monitoring solutions that harness the power of middleware to produce powerful STP solutions ? Intelligent, Enterprise Wide BPM."
"For too long the middleware vendors have failed to support STP effectively. We have consistently maintained that the barriers to STP lie in the industry's reliance on silo based, disparate processing systems. Although traditional messaging applications enable banks to move data between these fragmented systems, that alone does not deliver on the promise of STP. With our unique application design skills and domain knowledge we will take integration to a new level - to not only eliminate data fragmentation - but deliver an STP Control Architecture that consolidates workflows at the process and monitoring level to realise real time, end to end control of transactions, risk and operations." added Brown.
This sentiment is backed by the TowerGroup, who in their March 2003 report entitled, 'A Glimpse into the Future of STP: Will Integration Technology End the Silos within Buy-Side Operations?' stated that: "Message brokers alone do not end the functional silos and gaps in business logic between legacy systems. STP investments should not be focused solely on enabling applications to pass transaction records back and forth. The real goal of STP is to bring legacy applications together to ensure the complete execution of the process."
The acquisition provides SmartStream Technologies with the following capabilities:
· Comprehensive Financial Messaging for the delivery, routing, transformation, cleansing and repair of messages
· Business Process Management (BPM) ? to visually link systems and processes into seamless STP workflows
· Business Activity Monitoring (BAM) - to monitor and control trades as they progress through their lifecycles
· Connectivity adaptors that quickly connect internal and external systems using the major financial industry protocols such as FIX, SWIFT and Omgeo, ISO15022 and XML
· Enterprise wide system integration capabilities allowing rapid, flexible connectivity across all systems regardless of technical or messaging protocol
By delivering connectivity to industry networks for the real time exchange of transaction data, both inside and outside the enterprise, Connextive provides all of the required components to build full message-based STP frameworks.
Jagdish Talreja, Connextive's CEO commented: "We have been focused on developing world class technology for BPM and Financial Messaging, we know that with SmartStream's market presence and domain skills these products are going to make a very major impact on this market ? our customers have already confirmed this to us - together we are an awesome combination."
Alan Stevenson, Director at 3i, SmartStream's largest shareholder commented: "SmartStream is an excellent example of the type of companies that 3i look to invest in, it has proved itself to be a strong market leader with excellent management and a clear vision. The acquisition of Connextive will give SmartStream real leverage on the market strength it has built. This is the second acquisition that SmartStream has made from cash reserves, having earlier acquired ESI without any additional funding, which reflects the strength of SmartStream's trading." He concluded.
Martin Brown added: "SmartStream is at a very exciting point right now. We have seen tremendous success on a global scale with our products for Reconciliation and Exception Management and it's as a result of this success that we have been able to dramatically accelerate our investment in internal product development and make important strategic acquisitions, such as Connextive. Our operational and financial strength will enable us to continue to dominate in our traditional markets whilst establishing SmartStream as the premier, global STP vendor for the foreseeable future."
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