London, 29th July 2003. SmartStream Technologies announces today that it
has signed two new Corporate Actions clients:
- Inversis Banco Net S.A. in Spain
- T. Rowe Price in USA
These are the first two clients to take TLM Corporate Actions following
the company's acquisition of ESI in March of this year. SmartStream is now
rapidly gaining market share in this key new STP arena selling its full
workflow solution. Progress in all four of SmartStream's worldwide regions
is moving quickly with further sales announcements expected soon.
Inversis Banco chose TLM Corporate Actions over the competition due to its
end-to-end functionality, including data scrubbing capabilities and big
volume scalability. The bank concluded that it would be more cost effective
to deploy a system that was already well proven at other sites. Time to
completion was a big factor in the bank's selection and SmartStream was
able to deliver a turnkey project immediately. With this additional new
commitment, Inversis Banco has further consolidated its relationship with
SmartStream Technologies as one of its strategic vendors.
SmartStream has also been successful in securing a further contract for
TLM Corporate Actions with T. Rowe Price, the Baltimore based global
Investment Management firm.
T. Rowe Price selected SmartStream following a competitive evaluation of
vendors which identified TLM as the Best of Breed Corporate Actions
solution. The decision has a strategic dimension in terms of T. Rowe Price's commitment to SmartStream's STP Control Architecture which enables
organisations to integrate Corporate Actions processing with
Reconciliations and Electronic Trade Confirmations (ETC) integrating
traditional silo processes.
"When the project began we were simply looking for a Corporate Actions
solution. However, when SmartStream demonstrated the strength of its
integration capabilities and showed us the operational improvements and
risk reductions that could be gleaned from integrating operational
functions, such as Corporate Actions and Reconciliations, we decided to
extend the scope of the project to include this. We are also hopeful that
once the platform is in place, we will be able to extend the use of the
TLM? platform to support other middle and back office functions, and to use
the integrated dashboard capabilities to provide value added information to
our front office." Said Doren Jacobs, Vice President, T. Rowe Price
Investment Technologies, Inc.
"This was a highly competitive win for SmartStream. We beat established
application vendors in two distinct niches to win this contract. With TLM?, clients get the best of both worlds ? a Best of Breed product coupled with
powerful integration, which is imperative for realising true operational
control and reducing cost and risk." Commented Lou Longhi, SmartStream's
Managing Director for the Americas region.
The deployment of TLM Corporate Actions will enable T. Rowe Price to bring
full automation to the Corporate Actions process including; Event
Management, Response Tracking and Entitlement Processing. The integration
of Reconciliations into the process will eliminate the risk of a single
point of failure, delivering a failsafe approach to Corporate Actions
Doren Jacobs commented: "Of the various vendor options we examined, we
realised that SmartStream's STP vision and product strategy were most
closely aligned with T. Rowe Price's STP strategy and plans. As a result
we are very excited to be implementing SmartStream's products in our
organisation and to be partnering with them to evolve their unique STP
vision to meet our needs. We have been working with SmartStream for the
past 3 years and are very pleased with the relationship we have with them,
they have proved themselves to be a highly professional partner, with a
quality product, which is consistently delivered on time and on budget."
"This partnership between SmartStream and T. Rowe Price is of great importance to SmartStream for two reasons. It demonstrates the market
superiority of our new Corporate Actions solution and it is evidence of
SmartStream's ability to move from its position as a strategic STP
application vendor to the leading STP Architecture vendor. Integration
really is the key. Financial institutions are no longer interested in
productised, silo-based solutions. Our ability to win this deal against so
many different vendors of this kind is testament to this." Said Lou Longhi.
"We are delighted by our success at both T. Rowe Price and Inversis and
they demonstrate the superior functionality of our Corporate Actions
solution." Concluded Martin Brown, CEO, SmartStream Technologies.
On a further point, SmartStream Technologies has been forced to withdraw
from the 'B.I.S.S. Benchmarking International Software Systems Corporate
Actions' initiative organised by City Compass in June. As it believes that
the benchmarking process to be fundamentally flawed and the resulting
benchmarks therefore misleading for the industry.
"Although we worked hard with the organisers to provide a meaningful
industry benchmark study, we are very disappointed with the control and
quality of the process. For a benchmark to be credible and useful to the
industry there must be a rigorous, balanced and fair process but no such
process was in place. It has delivered a result that is so compromised that
it is of no value and it is with regret that we have had to take the
decision to withdraw our participation from the initiative as of 29th July
2003." Said Mark Cappell, Regional Director Northern Europe, SmartStream
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