Collaborative Software Initiative Hires Senior AMD Financial Services Industry Executive

22 July 2008

Collaborative Software Initiative (CSI), the company that brings like-minded organizations together to work on collaborative software at a fraction of the cost, today announced that Richard Reichgut has been named Director of Financial Services with responsibility for sales, business development and channel partners for CSI’s financial sector activities.

Based in New York and reporting to Lori Williams-Peters, Corporate Development Officer, Mr. Reichgut will direct strategy for financial sector efforts in the areas of compliance, risk management and market data. Most recently Mr. Reichgut was a senior financial services industry manager and developer relations executive at AMD where he was responsible for AMD’s software and microprocessors relating to the financial industry. Mr. Reichgut was also senior vice president of marketing for New Era of Networks, which was acquired by Sybase, where he focused on back office operations, payment systems and operational risk reduction.

“Wall Street is one of CSI’s biggest customer to date,” said Stuart Cohen, CEO. “Our first project was a Web schema and XML document developed to facilitate FISAP (Financial Institution Self-Assessment Program) SIG data collection and reporting for some of the largest banks in the world. There are so many other places in the financial services industry where CSI can foster collaboration that we needed someone with Richard’s expertise and industry knowledge to lead the charge.”

“Any financial industry project where the benefits of collaboration outweigh competitive advantage is a perfect opportunity for CSI,” Reichgut said. “ IT spending is trending away from the perfunctory towards projects that generate Alpha, provide differentiation or yield competitive advantage. There are myriad processes in between that can be standardized, improved and made more cost effective through a collaborative approach. This is where I am going to focus my efforts.”

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