SECCAS LLC is opening a secondary data operations center in Scranton, Pa., a decision that the provider of hosted compliance solutions for financial-services companies said was made after reviewing multiple locations in New York, New Jersey and Maryland.
SECCAS, whose customers include banks, broker dealers, registered investment advisers, hedge funds and other financial firms, said the Scranton facility will provide full redundancy for its New York City operations and also serve as the primary location for the firm's litigation-readiness business.
"Northeastern Pennsylvania is an ideal location for disaster-recovery facilities," said Daniel Summa, President of SECCAS. Mr. Summa noted that the region is served by a different power operator and watershed than the New York region, making it a safe, reliable location for a backup facility that can also provide real-time data replication.
âNortheastern Pennsylvania provides the added benefit of a well-educated, motivated and experienced workforce, as well as lower operating costs, especially when compared to New York City," Mr. Summa added. "And unlike what we saw in other parts of the country, Wall Street West was able to bring together the state and local municipalities as well as private entities to work together with a single voice. That combination of factors makes northeastern Pennsylvania and Wall Street West ideal partners to support our business growth."
Wall Street WestÂ® and its economic development partners, worked closely with SECCAS for several months to identify a location that meets the company's requirements for a mission-critical back-up site. Wall Street West is a partnership of more than two dozen local, regional and statewide economic development agencies, technology investment groups, workforce development organizations, educational and research institutions and experts from the private sector.
The Wall Street West partners seek to bolster New York City's stature as the country's preeminent financial center by providing disaster recovery and back-up locales for that city's financial-services firms. The partnership is supported by a $15 million Workforce Innovation in Regional Economic Development (WIRED) grant from the U.S. Department of Labor.
âWhile northeastern Pennsylvania is already a flourishing region for the financial-services and insurance industries, we will further strengthen the high-skill job opportunities in the region in the coming years,â said Catherine Bolton, Project Director at Wall Street West. âWe're both pleased and proud that SECCAS sees the terrific value in the region and are working with other firms whose offsite data needs can best be served by the opportunities in our region. And this first Wall Street West success story shows what happens when regional partners -- the city of Scranton, the Scranton Plan, DCED, Pennâs Northeast, and the Governorâs action team -- work together."