RED SPIES LAUNCHES NEW WEBSITE: FIRST COMPANY TO PROVIDE RESEARCH-BASED SOFTWARE SELECTION SERVICES TO THE FINANCIAL INDUSTRY

NEW YORK, NY, June 11, 2004 – Red Spies Inc., the first consulting company to provide software procurement and advisory services to the financial industry, announced the launch of their new website today. With this launch, the company hopes to provide a common platform for Technology Executives, Asset Managers, and Head of Operations in search of financial software. With backgrounds in risk management, banking, and technical consulting, the consultants at Red Spies plan to "spy" on the market and help clients make better purchasing decisions.

With hundreds of software vendors vying for the attention of buyers, system selection has become a full-time job in many banks, and hedge funds. Moreover, the plethora of solutions and systems offering with similar functionality has made it increasingly difficult to tell the vendors apart. "Red Spies offers a tremendous amount of value by offering the one-stop shop. Companies come to us to get answers. Who should we go with? Why? And how much will it cost? If you are spending that kind of money, on an application that will serve you for at least 6 years, you better do your homework." says Shabnam Rezaei, President and CEO of Red Spies.

Procurement typically includes information gathering in the form of RFI’s from a large group of vendors, system and functionality gap Analysis, short-listing of vendors through an RFP, and final system recommendations. In addition to these services, Red Spies also offers period market research, project management, and vendor ratings in an effort to bring transparency to the industry.

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