Thomson Financial has won a five year contract worth $200 million with Wachovia Securities to supply its Thomson One premium desktop product and Beta Systems trade processing software.
Under the deal, Wachovia Securities will install the Thomson One application on more than 19,000 desktops. Thomson Beta Systems will be used to handle trade processing, including the conversion of 6000 Reuters' desktops from the former Prudential Securities, which merged with Wachovia Securities in July last year.
Thomson says its One technology framework will also incorporate components from Wachovia's current systems to increase efficiency for financial advisors.
Paul Costello, president of the business services group of Wachovia Securities, says it chose the Thomson technology because it allows for a seamless integration with its own systems to create a unified framework. "The end result will be a more robust system than either Prudential or Wachovia offered in the past, helping Wachovia financial advisors to be more competitive and offer superior service to their clients," says Costello.