Xignite, Inc., the leading cloud services provider of on-demand financial market data and application components today announced its work with emerging financial information companies Palantir Technologies, an analytics platform provider, Turing Studios, an iPhone application developer, and StockTwits, a social stock micro-blogging community. These companies represent a new wave of start-ups that are integrating existing application components from Xignite Web services in unique ways to bring solutions to market at a fraction of the time and total cost of ownership of their predecessors.
Traditionally, start-up companies that needed financial market data to build their applications were forced to waste valuable time and resources to obtain data and expend high up-front investment costs that had to be recouped quickly through advertising and end user revenue. Now, entrepreneurs can leverage on-demand market data from Xignite that is affordable, immediately available and scalable for any size Web business. Xignite's financial Web services provide these companies with the tools to create new service offerings using only a few lines of code, freeing entrepreneurs to focus their energy and creativity on bringing new ideas to market.
"Next-generation financial applications are unable to cope with legacy technology, but Xignite helps these companies get to market in a fraction of the time, while limiting their up-front investment risk," said Stephane Dubois, CEO, Xignite. "Many start-up founders tell us they could not exist without Xignite financial Web services, yet with our assistance they are paving the way for the rest of the industry to inevitably follow them."
Palantir Technologies' Palantir Finance product is an enterprise platform built to enable banks and hedge funds to integrate and analyze all their disparate commercial and proprietary data sources. The platform, which encompasses the entire analysis stack, was built with a focus on security, scalability, ease of use and collaboration, and is a core component of any organization's intelligence infrastructure. Specifically, Palantir Finance is using Xignite's historical stock quote Web service for its ease of integration and license terms that permit publishing data to the Web, which enables them to publically demonstrate their platform through a public instance called JoyRide.
Turing Studios is the developer of multiple iPhone applications, including PortfolioLive, a portfolio management application that tracks stock prices, values, option and futures. PortfolioLive utilizes market data from the Web, but user demand for real-time market data led the company to create a real-time offering using Xignite's BATS Last Sale Web service, which will be available in December 2009. The Web service funnels real-time stock quotes from the up and coming BATS Exchange directly into the iPhone application, enabling Turing Studios to save money on development and server infrastructure costs, while providing better information to their users interested in real-time stock market data.
"Xignite is flexible and worked closely with us to find a solution that best fit our needs," said Andy Sharp, senior systems architect, Turing Studios. "We could never supply our customers with the data they need at a price they can digest without Xignite."
StockTwits is an open, community-powered information service for investments. Users can eavesdrop on traders and investors or contribute to the conversation and build their reputation as savvy market wizards. To serve its user base of 94,000 traders and investors, research analysts, financial enthusiasts and institutional representatives, StockTwits has been working to expand their financial data capabilities by offering on-demand ticker price queries. With the help of the Xignite NASDAQ last sale and security master Web services, StockTwits can efficiently pull on-demand information without having to sift through useless data.
"With Xignite, we are able to access the exact financial data we want, without paying for data we don't need," said Howard Lindzon, co-founder, StockTwits. "The foreign exchange data used in our application enables StockTwits to be more successful by supporting our lightweight approach of delivering vertical value to a horizontal community, where both constituencies share a common passion: the desire to consume and share real-time information."
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