My new team and I decided to sell the SWIFT division to San Francisco based BankServ, and the reconciliation division to Los Angeles based LightSpeed Data, and focus on a key component of Netik’s T+1 solution, the data warehouse that we had purchased from Montclair, a data warehouse specialist.
We realized Eagle Systems was selling well with Pace (a data warehouse) and Star (an accounting system) and looked for companies that would want to compete with Eagle Systems. The result was teaming up with Advent Geneva and selling to UBS, Credit Suisse, SEI, and Pershing to name a few – very successful. At the same time, we also realized that The Bank of New York’s (BONY) outsourcing group had a problem with their competitor, Mellon, as they (Mellon) owned Eagle Systems. Our strategy was to sell to BONY so they could compete with Mellon. The approach was more than successful, as the Bank of New York decided to purchase the company – another happy day.