ISELIN, New Jersey
November 6, 2013
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.
, "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."
Executive Vice President and Head of EMEA region
''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."
Managing Director and Head of Enterprise Software at Markit
, "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.