The expansion in New York is a result of the consolidation of recently acquired DBC software unit into its existing office at 675 3rd Avenue. The New York office will be under the leadership of General Manager Richard Shalowitz, former head of DBC. The expansion in Chicago is a result of the consolidation of previously acquired Real-Time, USA into its existing office at 30 West Monroe. The Chicago office will be under the leadership of General Manager Tom Mulligan, former president of Real-Time.
Patrick Pedonti, Chief Financial Officer, commented, "These moves were carefully planned and executed on time and on budget. By leveraging our existing office space, we can achieve better economies of scale. On an ongoing basis, our facilities expenses will be reduced by over $300,000 annually."
"We achieved two major goals by these moves," stated CEO, Bill Stone. "We are now more deeply penetrated in these financial centers, and we have reduced our ongoing operating costs."