In response to burgeoning client demand, Piraino will fill this critical new position and be responsible for managing XSP's client relationships and pre-sales efforts to support its growing customer base and build on its success as the market-leading provider of Corporate Actions automation solutions worldwide. Based in New York, Piraino will report directly to Brendan P. Farrell, Jr., Managing Partner.

"We are delighted to bring Frank onboard," said Farrell. Frank has an impressive track record of ensuring client success and brings a wealth of experience in sales operations, management and business development. He will play a critical role in delivering excellent quality customer service to our clients, while reinforcing XSP's competitive edge in the market. As strategic client relationships become increasingly complex and crucial, Frank and his dedicated team will further enhance our leading position with world-class service backed by a robust and proven product offering. With another milestone year behind us, we are strengthening our management foundation in 2006 as we welcome Frank to our senior management team and continue our aggressive growth strategy of delivering superior Corporate Actions solutions to the global financial markets."

Piraino brings 18 years of experience spanning the finance, telecommunications and utilities industries as well as the military. Most recently, Piraino served as Vice President of Global Sales Operations and Marketing for GoldenSource Corporation. In this role, he was responsible for establishing and managing all functions in support of license revenue generation including pre-sales resource allocation, pre-sales implementation projection management, sales operations and management productivity metrics and all field marketing activity. Prior to this, Piraino was Director of Worldwide Operations at mFormation Technologies, Inc., where he oversaw all client-facing areas relating to pre- and post-sales technical support, implementation, training and client services. Piraino also held various management positions in sales operations and customer relationship management at SeeBeyond Technology, Oracle Corporation, Genesys Telecommunications Laboratories Inc., and Sybase Inc.

Piraino served as Lieutenant in the United States Navy managing large teams, complex multimillion-dollar projects, and shipboard operations. He holds a Master of Business Administration from St. Peter's College.