InvestCloud’s CEO John Wise, previous founder of Netik, speaks on Lessons Learned

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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s