NEW YORK - Monday, Aug. 5, 2002 - Financial Technologies International (FTI), a leader in the emerging market for Financial Enterprise Software (FES), today announced that it had reoccupied its original headquarters in the Century 21 building, at 22 Cortlandt Street, which it had evacuated on 9/11. The firm had opened an office in Iselin, New Jersey in the interim, to serve its 70-plus clients worldwide.
"Our return to Cortlandt Street is indicative of the overall confidence we have in the prospects of both New York City and our financial services clients, who together make up 'the Street' that has contributed so much to furthering this nation's and the world's economy," said Michael Meriton, President and CEO of FTI. "Our investors, who are leading a new $35 million financing round, are demonstrating their confidence in FTI as the leading Financial Enterprise Software (FES) provider."
Ray Debbane, President of The Invus Group echoed these sentiments, stating that "The FES market is a natural evolution for the financial services industry, and FTI has the StreetEnterprise suite of products, an integrated platform available now to deliver on the advantages implicit in back-office connected operations that support straight-through processing."
The Business of FTI
Operational components, products and systems for the financial services marketplace, comprised chiefly of a multitude of isolated, back office systems, represent 35 percent of global expenditures on information technology in 2002. It has become apparent that by streamlining these operations through the implementation of a single operating platform for enterprise-wide financial applications and relying on a common data model, firms can increase revenues and achieve major cost reductions, while reducing risks. This environment comprises the Financial Enterprise Software market and FTI is committed to being the leading vendor of FES products and services, to help financial services firms lower the operational costs of their securities business. In addition, FES doesn't't just reduce costs; it is also a crucial business enabler. Developing a straight-through-processing environment with FES will enable financial services institutions to better understand, and then reconcile, their operational risks. In doing so, firms with these capabilities will be better prepared to accommodate increasing regulatory activity pertaining to STP, capital requirements, and other issues.
"In today's financial services marketplace, connecting processes and translating data must facilitate straight-through-processing," added Meriton. "FTI's single operating platform, comprehensive data model and high-volume processing engines set the standard for efficiency and functionality, helping our customers reduce their overall operational costs and associated risk," said Meriton. "With our latest capital infusion, FTI is creating a world-class sales and marketing organization, and pursuing strategic business and technology alliances, and partnerships," he added.
To date, FTI's StreetEnterprise suite, comprised of StreetBooks (portfolio accounting), StreetReference (reference data repository) and StreetActions (corporate actions), supply the building blocks of a single platform. These modules rely on StreetModel, FTI's robust global financial data model. Part of the use of the additional funding will be to enhance and extend the StreetEnterprise product family, and accelerate implementations, further establishing FTI's reputation as the leader in the emerging FES market.
Custody, reconciliation, risk management, correspondent clearing, connectivity, as well as stock recording, regulatory reporting and cash management functions will all have access to a single repository for real-time data, thus improving each function's efficiency.
This announcement does not constitute an offer to sell or the solicitation of offers to buy any security and shall not offer solicitation or sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933.