New York, NY, February 9, 2004 â XcitekSolutionsPlus, the leading provider of corporate actions automation, announced today that Daiwa Securities America Inc. has signed an agreement to license the XSPâ¢ software application to automate their corporate actions processing. Daiwa Securities, a Japanese-owned broker/dealer, selected XSP to reduce operational risk and gain a more efficient process in the handling of corporate actions. In addition, Daiwa has also licensed XCITEKâs award-winning corporate actions data.
XSP can substantially reduce the risk associated with processing corporate actions through complete automation. From the capture of data, event notification, and response tracking through the processing of entitlements, XSP allows the user to manage the corporate actions process and monitor exceptions.
Nicholas C. Rubino, Senior Vice President Director of Operations at Daiwa Securities America, Inc., commented, "As we expand our business into new areas, it became clear that we needed to enhance our corporate action reporting processes. We are constantly upgrading and improving our IT infrastructure and decided the XSP application provides the best platform to support our strategic goals. In addition, XSP was the logical choice because they are the market leader in automating corporate actions and have a successful implementation track record."
Brendan P. Farrell, Jr., Managing Partner of XcitekSolutionsPlus, says, "We were very excited to end 2003 with Daiwa Securities licensing the XSP application. Daiwa is the most recent broker/dealer to maximize operational efficiency through XSP automation. We achieved tremendous success in 2003 by substantially growing our data and software client base. We anticipate 2004 being even better as more and more global financial institutions realize the powerful tools and capabilities that XSP brings to their organizations."