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Thomson Financial and Netik team for investment accounting and data management

14 May 2007  |  1271 views  |  0 Source: Netik

Netik, the financial data warehouse and data hub company for the securities and investment markets, and Thomson Financial, an operating unit of The Thomson Corporation (NYSE: TOC; TSX: TOC) and leading provider of software to the financial services industry, today announced a strategic alliance that integrates Thomson PORTIA and Netik's InterView solutions.

The combined solution will provide money managers and money owners with a best-of-breed solution for investment accounting, data management and all reporting

Netik and Thomson have jointly invested in an adapter, available 'off-the-shelf', to combine the two products and leverage the strengths of both Thomson PORTIA and Netik InterView. The new PORTIA/Netik Adapter will be licensed to users by either Thomson Financial or Netik and will be maintained by both companies as a guaranteed interface across several releases. The integration of PORTIA and Netik InterView significantly enhances the delivery of portfolio accounting information to both a firm's internal consumers and externally to clients. For PORTIA users, this significantly enhances the firms' data management capabilities while providing another option for enhanced reporting presentation via Netik Interview.

Formerly limited to a single vendor for an integrated data warehouse and investment accounting solution, the asset management market will now have access to the depth and breadth of functionality that PORTIA and Netik InterView can jointly supply.

Christy Roux Bremner, Global Managing Director, Thomson PORTIA, Thomson Financial, said: "Thomson PORTIA has delivered world class accounting and transaction processing to the market for the past two decades. Now, with flexibility in reporting provided by Netik InterView, new prospects and existing customers will have a viable alternative to in-house builds of data marts. The PORTIA/Netik combination can provide a higher degree of sophistication with ready-made and off-the-shelf to support enterprise reporting and data storage."

John Wise, CEO, Netik adds "Thomson PORTIA already has acclaimed excellence in accounting. Combined with Netik InterView, it can provide excellence in all aspects of reporting and data management for money owners and money managers. Traditionally, various aspects of reporting and data management have been partially resolvedved by many silo systems hanging off the accounting engine. In a matter of months, issues of poor data quality, data latency and data management are a thing of the past with the Netik InterView and PORTIA guaranteed adapter."

Wise continues: "Netik has already signed the first customer who will have the Thomson PORTIA and Netik InterView combination solution."

"Netik's solution truly complements the functionality of PORTIA, and together we'll provide the industry with a truly unique and highly capable solution. Netik has very strong domain knowledge and a very good success rate in the industry. We're pleased to be able to work with Netik for the benefit of our mutual clients," added Bremner.

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