iGATE Secures Largest Outcomes-Based Contract with UBS for a Managed Data Service Powered by Markit Enterprise Data Management
LONDON, ISELIN, New Jersey and BANGALORE, India, November 6, 2013 /PRNewswire/ --
In a significant multi-year contract, iGATE - powered by Markit Enterprise Data Management - will provide financial instrument data services globally for the global financial services firm
iGATE Corporation (NASDAQ: IGTE), the first Integrated Technology and Operations (iTOPS) company providing Business Outcomes-based solutions, announced today that it has secured a major contract with global financial services firm UBS AG (UBSN: SIX Swiss Ex).
UBS currently has a landscape with multiple technology systems and operations across multiple vendors supporting instrument reference data management. Under the terms of the contract, UBS will migrate towards a globally managed service for instrument reference data mastering across all asset classes, operated by iGATE. iGATE will consolidate multiple technology systems onto the Markit Enterprise Data Management platform and transform the operations using its iTOPS framework. This strategic initiative has significant benefits for UBS including improved standardisation, reduced risk, operational complexity and cost.
iGATE has partnered with Markit to drive standardization in the industry by providing a similar managed service to other institutions.
Adrian Boyd, Managing Director, UBS said, "As part of our industrialization efforts, we are simplifying our processes to increase effectiveness and reduce operational risk and cost. Moving towards a managed service model for the supply of financial instrument data is a good example of Industrialization in action at UBS. Following a robust selection process, we decided that iGATE was the best partner with which to deliver the instrument data services that our businesses will need for the future."
Derek Kemp, Executive Vice President and Head of EMEA region, iGATE said, ''The deal with UBS marks a significant milestone for iGATE's Business Outcomes model and furthers our aim of shifting the industry from an effort-based business model to an outcomes-driven one. This is a landmark initiative in financial services with an increasing number of financial institutions seeking to consolidate and standardise their instrument data operations and IT across various business units. We are proud to be selected to support UBS in this area of business and are already seeing strong interest from other leading financial institutions in our combined proposition with Markit Enterprise Data Management."
Daniel Simpson, Managing Director and Head of Enterprise Software at Markit, said, "By creating a central shared service for UBS' instrument reference data, Markit and iGATE are enabling UBS to streamline data management and improve data quality while reducing costs. Initiatives of this type have the potential to transform the data management landscape.
UBS draws on its 150-year heritage to serve private, institutional and corporate clients worldwide, as well as retail clients in Switzerland. Its business strategy is centered on its preeminent global wealth management businesses and its universal bank in Switzerland. Together with a client-focused Investment Bank and a strong, well-diversified Global Asset Management business, UBS will drive further growth and expand its premier wealth management franchise.
UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 35% of its employees working in the Americas, 36% in Switzerland, 17% in the rest of Europe, the Middle East and Africa and 12% in Asia Pacific. UBS employs about 62,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).
iGATE Corporation is the first integrated technology and operations (iTOPS) company providing full-spectrum consulting, technology and business process outsourcing, and product and engineering solutions on a Business Outcomes -based model. Armed with over three decades of IT Services experience and powered by the iTOPS platform, iGATE's multi-location global organization has a talent pool of more than 28,0 00 employees and consistently delivers effective solutions to over 300 companies including Fortune 1000 clients spanning verticals such as: banking and financial services; insurance and healthcare; life sciences; manufacturing, retail, distribution and logistics; media, entertainment, leisure and travel; energy and utilities; public sector; and independent software vendors. Please visit http://www.iGATE.com for more information.
iGATE Corporation is listed on NASDAQ under the symbol "IGTE."
About Business Outcomes
iGATE's industry-first Business Outcomes-based approach focuses on the realization of tangible and measurable results, unlike traditional models which are driven by work, effort, time and manpower. By integrating technology and processes in a proprietary way and pricing services on results, iGATE exchanges fixed costs for a variable cost structure in an attempt to get clients to 'pay for results only' while enabling them to adjust to the peaks and valleys of their demand.
Markit is a leading, global financial information services company with over 3,000 employees. The company provides independent data, enterprise solutions and trade processing across all asset classes in order to enhance transparency, reduce risk and improve operational efficiency. Its client base includes the most significant institutional participants in the financial marketplace. For more information, please see http://www.markit.com.
Statements contained in this press release regarding the business outlook, the demand for the products and services, and all other statements in this release other than recitation of historical facts are forward-looking statements. Words such as "expect", "potential", "believes", "anticipates", "plans", "intends" and other similar expressions are intended to identify such forward-looking statements. Forward-looking statements in the press release include, without limitation, forecasts of market growth, future revenues, future expectations concerning growth of business, cost competitiveness and expansion of global reach following the acquisition, and other matters that involve known and unknown risks, uncertainties and other factors that may cause results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: difficulties encountered in integrating business; whether certain market segments grow as anticipated; the competitive environment in the information technology services industry and competitive responses to the Company's acquisition of iGATE Computer; and whether iGATE can successfully provide services/products and the degree to which these gain market acceptance. Furthermore, in connection with the iGATE Computer acquisition, the Company has borrowed significant amounts, including through the issuance of high yield notes, and will need to use a significant portion of its cash flows to service such indebtedness, as a result of which the Company might not have sufficient funds to operate its businesses in the manner it intends or has operated in the past. Additional risks relating to the Company are set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012, as well as the Company's other reports filed with the Securities and Exchange Commission. Actual results may differ materially from those contained in the forward-looking statements in this press release. Any forward-looking statements are based on information currently available to the Company and it assumes no obligation to update these statements as circumstances change. This document does not constitute an offer to purchase or to sell securities in any jurisdiction.
For further information, contact
Prabhanjan Deshpande "PD"
Corporate Communication and Media Relations, iGATE
Regional media contacts
SOURCE iGATE Corporation