December 31st, 2009
Compass Company, Inc. announced that it has entered into a strategic alliance with Precision Discovery, an information technology risk and litigation consulting solutions provider. Through this alliance, Compass will be able to offer its risk management clients assistance with some of their most complex IT risk issues that require electronic discovery, computer forensics, IT security and litigation preparedness consulting.
As a result of the alliance, former U.S. Senator Alfonse M. D’Amato, founder of Compass’ parent company, Park Strategies, will become a senior advisor to Precision Discovery’s board of directors to help guide the company and its strategic relationship with Compass.
Based in New York City, Precision Discovery is an independent IT risk and litigation consulting firm that works with clients and their counsel to anticipate, provide insight on and overcome the most complex legal, regulatory and investigative challenges. Precision Discovery is comprised of some of the industry’s top experts in the fields of electronic discovery, computer forensics, IT security and litigation preparedness consulting services.
“Because Compass is focused on bringing innovative services to our clients, this alliance provides us with an extraordinary opportunity to serve the critical needs of our risk management clients,” said Greg Serio, former Superintendent of the New York State Insurance Department, and the President of Compass. “This alliance further demonstrates our commitment to building world class consulting and risk management advisory services for our clients and complements the risk management consulting that Compass provides to the insurance industry. We look forward to providing our clients with a service level that is unmatched in the industry.”
“Compass has an excellent reputation in the industry for providing clients with the highest caliber of advisory and consulting services. With both firms focused on providing best in class risk mitigation services, we will be able to offer clients a comprehensive risk management offering. Most importantly, our clients will have access to some of the leading risk management, IT risk and litigation consultants and experts,” said Jerry F. Barbanel, President and CEO of Precision Discovery. “This strategic alliance with Compass further validates Precision Discovery’s competitive advantage in the industry.”
Barbanel recently authored the article “Claims: Controlling Litigation Costs – The Harnessing of Electronic Discovery Processes.” The article is featured on the cover of the November 3, 2008 issue of Insurance Advocate.
ABOUT COMPASS COMPANY, INC.
Compass Company, Inc. is a leading risk management and insurance consulting firm that provides independent risk consulting services to businesses, governments and not-for-profit organizations. A division of Park Strategies Risk Management Group, one of the country’s most sought after public policy and business development firms, Compass conducts analyses of organizations to quantify its capabilities; the impact a loss would have on the organization; and how to effectively protect its assets and earnings. For more information, please visit www.compassewsn.com.
ABOUT PRECISION DISCOVERY
Precision Discovery is an independent IT risk and litigation consulting firm dedicated to helping legal counsel and organizations with their most critical litigation, regulatory and investigative matters. Our specialists combine proven methodologies, proprietary techniques and leading industry tools with expert services to provide solutions that help reduce the time and cost frequently associated with electronic discovery, computer forensics, IT security and litigation preparedness.
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December 31st, 2009
CA, Inc. announced today it has teamed with PricewaterhouseCoopers (PwC) LLP to deliver a joint governance, risk and compliance (GRC) solution to help companies improve operational efficiencies and better manage their risk and compliance initiatives. Together, PwC and CA can deliver an enterprise GRC solution to help reduce the risk of business interruption due to non-compliance with critical industry, governmental or IT regulations and standards. PwC’s GRC professionals have deep industry experience, and can help companies identify and define an integrated GRC lifecycle framework while CA’s GRC Manager solution can help enable the implementation of an effective risk and compliance program.
Key benefits of the PwC and CA joint solution include:
* Leveraging the experience of PwC’s GRC professionals and CA’s experience in implementing risk management systems throughout the enterprise to achieve a more effective GRC program.
* Gaining visibility into risk and compliance across the organization via dashboard views, enabling “real-time”, transparent insight into a company’s compliance posture.
* Gaining a centralized repository that maps controls to risks, policies, and regulations, helping companies more easily and efficiently manage compliance.
* Realizing a comprehensive and cost-effective GRC program through streamlining GRC operational processes.
* Achieving centralized test results and policy documentation.
“Organizations can create and sustain an effective governance, risk and compliance program through integrating people, processes and technology,” said Andrew Toner, principal, PricewaterhouseCoopers. “In today’s economic climate, there is an increased call for transparency and accountability. PwC and CA, together, can help organizations more effectively and efficiently address enterprise governance, risk and compliance requirements.”
Acxiom, a global interactive marketing service provider, is now working with PwC and CA to implement a GRC program to help manage critical industry regulations. Together with PwC, CA helped Acxiom map their financial and IT controls to their compliance drivers and provided the dashboards that Acxiom needed to better evaluate their compliance posture. This solution helps Acxiom address compliance more efficiently and more routinely.
“Developing a holistic governance, risk and compliance program has been a key priority for us this year, as we sought to implement a single solution that gives us the level of visibility and accountability that we need to facilitate compliance with key industry and regulatory requirements, customer expectations, and internal objectives,” said Holly Marr, operations management organization leader, Acxiom. “We turned to PwC for insight into our business processes and controls, and determined that the joint solution offering with CA would give us that powerful combination of business process advice and a technology solution to support our ongoing compliance program.”
In addition, PwC and CA are also offering a joint solution for insurance organizations faced with the new requirements concerning the Model Audit Rule (MAR) mandate which requires insurance organizations to adopt corporate governance and reporting standards similar to Sarbanes-Oxley (SOX) for the 2010 reporting period. By integrating technology with business process, people and information, insurance companies can reduce costs while addressing specific MAR compliance goals and objectives.
“It should come as no surprise that meeting multiple regulatory requirements is an ongoing challenge—sometimes daunting and overwhelming—for companies across many industries,” said Marc Camm, senior vice president and general manager for Governance, Risk and Compliance Products at CA. “The new requirements related to the Model Audit Rule mandates are a perfect example of how updates to regulations can add complexity for insurance organizations already working to meet other federal, state and industry mandates. Through using PwC’s consulting services and by implementing CA’s GRC Manager as part of the joint solution offering for MAR, insurance companies can more cost-effectively address these MAR requirements as part of a sustained GRC program.”
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December 31st, 2009
TransferOrbit Corporation (www.transferorbit.biz) announces strategic alliance with growing online Hispanic portal HispanicTown. With this alliance, thousands of subscribers and visitors of Hispanictown.com will immediately become TU-DNRO powered by TransferOrbit members and will be provided the array of financial services the membership brings at discounted prices. Hugo Villegas, President and Founder of HispanicTown LLC, said, “We are thrilled that TransferOrbit can offer instant access to sending money transfers to our large base of Hispanic customers. This is a product they have been requesting for some time, and will be greatly appreciated by the community.”
“We are extremely excited that this strategic alliance instantly brings thousands of Hispanics that send money transfers to the growing TU-DNRO powered by TransferOrbit membership network,” stated Jorge Toro, President & CEO of TransferOrbit. He added, “We are proud to be a partner of HispanicTown LLC as they successfully continue to expand their platform across the United States.”
The Pew Hispanic Center has identified 676 “fast-growing Hispanic counties” amongst the nations 3,141 counties. These counties have more than 1,000 in Latino population and at least 41% Hispanic growth since 2000. HispanicTown is a replicable portal applicable to these Latino communities. “We are bringing our experience to other Hispanic communities throughout the US, starting with locations in the Midwest and soon to hundreds of Hispanic communities all across the country,” added Mr. Villegas, President and Founder of HispanicTown LLC.
HispanicTown is a Spanish/English portal, established in 2000 to provide resources to the Hispanic community. Since established, starting in St. Louis in 2,000, the portal offers local, national and international news, articles, employment opportunities, and events calendar, partnering with local Hispanic organizations. Since 2006, HispanicTown expanded its portal to include blogs, forums, classifieds, photo galleries, weather, online games and polls to offer a full Social networking experience to its members.
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December 31st, 2009
The Flowers Heritage Foundation announced today that this year’s “Bridge-the-Gap” recipient is the State of Montana AIDS Drug Assistance Program (ADAP). The “Bridge-the-Gap” program disperses funding obtained through charitable donations and corporate grants to alleviate state ADAP waiting lists. The funding will provide HIV/AIDS medication for 13 patients on the waiting list for the State’s ADAP program.
Advancements in HIV/AIDS antiretroviral (ARV) therapy have allowed those battling the HIV virus to live longer and healthier lives, while decreasing AIDS-related morbidity and mortality. However, ARV therapy is expensive, with costs in upwards of $24,000 annually, hindering uninsured Montanans access to HIV medication. Without ARV therapy, people living with HIV will progress much more quickly to an AIDS diagnosis.
“The Flowers Heritage Foundation is committed to serving the underserved community with HIV/AIDS,” said Gregory Edwards, Executive Director of the Flowers Heritage Foundation. “We are very pleased for the opportunity to assist Montana’s HIV/AIDS cause through the generous contributions made by our donors. We recognize the importance of providing funding for HIV/AIDS medication to support budget-stretched programs like Montana ADAP.”
“In Montana, people are being diagnosed at later stages of HIV disease, impacting state public assistance programs like ADAP,” added Judy Nielsen, Montana ADAP Coordinator. “The generous grant from the Flowers Heritage Foundation is timely, and will have a positive impact on the 13 patients that have been waiting to be enrolled into the ADAP program.”
The Flowers Heritage Foundation allocates 100% of donor dollars to help improve and/or save the lives of the medically indigent population with HIV/AIDS through programs like “Bridge-the-Gap.” The foundation aims to identify gaps in healthcare services and systems and treat health disparities with effective public health solutions. The “Bridge-the-Gap” program is available to all ADAP programs with cost containment strategies in place that limit access to care. The program is funded entirely through charitable contributions. The Flowers Heritage Foundation is always accepting contributions to support future “Bridge-to-Gap” programs. Interested parties may make a tax deductible donation by visiting the Flowers Heritage Foundation website at: http://www.flowersheritagefoundation.org.
About The Flowers Heritage Foundation
The Flowers Heritage Foundation (FHF) is a non-profit organization 501(c)(3) dedicated to providing solutions for public health issues affecting the underserved and improving the lives of the most fragile among us. Our current priority is to make a significant difference in the fight against HIV/AIDS. We educate and increase awareness around HIV/AIDS as a public health dilemma.
More information on The Flowers Heritage Foundation is available at http://www.flowersheritagefoundation.org.
About Ramsell Holding Corporation
Ramsell Holding Corporation is the parent company to three healthcare related businesses, as well as an information technology company and a real estate management and investment business. The Ramsell family of companies is committed to serving the underserved and improving the lives of the most fragile among us. Every business in the Ramsell family donates a percentage of profits to the Flowers Heritage Foundation to address the needs of overlooked populations.
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December 31st, 2009
As the number of uninsured Americans rises, healthcare organizations are pressed to find ways to maintain a proper payer mix, retain customer base and optimize their budgets. Assisting with this effort CPM Marketing Group, a pioneer in the development of Customer Relationship Management (CRM) solutions for hospitals and physician groups, announced today the release of a new modeled payer type feature for its clients.
“We were asked many times by our clients whose budgets are tight, and in some cases locked down, due to economics, if we have a way to estimate payer codes for prospects. This is our answer to the needs of clients seeking such a solution,” says John Hallick, President and CEO of CPM Marketing Group, Inc.
Using a complex set of calculations established through the evaluation of hundreds of thousands of data records, technical experts at CPM Marketing Group devised a method for putting every person in a CRM database into one of several standard payer types. The model predicts prospect payer type based upon an analysis of dozens of demographic variables.
“In preliminary tests, the model was able to accurately identify commercially insured individuals 84% of the time, which is ten percentage points higher than when using simple age/income rules,” says John Boldt, senior marketing analyst at CPM and the chief researcher for this feature.
From a business perspective, the payer model significantly improves on the typical payer selection strategy, moving beyond the industry standard age/income rules. The new model allows clients to better manage their payer index by targeting individuals who are most likely to reimburse after using services, which is essential for strong return on investment. Furthermore, it allows the client to validate dormant customers by more accurately predicting their current payer type after a long period of not visiting the organization to services.
To find out more about CPM Marketing Group, visit www.cpm.com, call (800) 332-2631 or e-mail marketing@cpm.com.
About CPM Marketing Group
CPM Marketing Group, headquartered in Madison, Wisconsin, is a pioneer in the development of Customer Relationship Management (CRM) solutions, including database development, intelligent healthcare marketing systems and predictive market segmentation. CPM’s integrated solutions allow healthcare organizations to maximize their customer relationships through market analysis, strategic planning and targeted personal communications. Our solutions operate from an accessible, customer-centric database that includes comprehensive individual and household data extracted from institutional and external research sources. CPM’s suite of software tools provides easy and secure access to data for individual snapshots of patients and health consumers on a segment-of-one basis.
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December 31st, 2009
HCC Insurance Holdings, Inc. announced today that HCC Chief Executive Officer Frank J. Bramanti will be presenting at the FBR Capital Markets 2008 Fall Investor Conference in New York City on Tuesday, December 2, 2008, beginning at 9:15 a.m. Eastern Standard Time.
Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. (HCC) is a leading international specialty insurance group with offices across the United States and in Bermuda, Ireland, Spain and the United Kingdom. HCC has assets of $8.4 billion, shareholders’ equity of $2.5 billion and is rated AA (Very Strong) by Standard & Poor’s and AA (Very Strong) by Fitch Ratings. In addition, HCC’s domestic property and casualty insurance companies are rated A+ (Superior) by A.M. Best Company.
Forward-looking statements contained in this press release are made under “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. The types of risks and uncertainties which may affect the Company are set forth in its periodic reports filed with the Securities and Exchange Commission
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December 31st, 2009
A.M. Best Co. has affirmed the financial strength rating of A+ (Superior) and the issuer credit rating of “aa-” of Hang Seng General Insurance (Hong Kong) Company Limited (HSGI). The outlook for both ratings is stable.
The ratings reflect HSGI’s solid risk-adjusted capitalization, profitable underwriting performance and prudent investment portfolio. The ratings also acknowledge the company’s secured distribution capacity.
HSGI, as part of Hang Seng Bank Limited, continues to utilize bancassurance as its primary distribution channel, which generated approximately 86% of the company’s gross premiums written in the first half of 2008. With the well established distribution platform and disciplined underwriting guidelines, HSGI achieved consistent underwriting results during 2003 to 2007, as evidenced by the average combined ratio of 77.1%. Despite prevailing soft market conditions, the company’s underwriting profitability is expected to remain sound in 2008.
HSGI has adopted a conservative investment strategy, with approximately 60.6% of assets held in cash and fixed income securities in 2007. HSGI reduced its exposure to equity investments in the first half of 2008, leading to a further improvement in its risk-adjusted capitalization.
HSGI’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), has been maintained at a superior level. The company’s net premium leverage ratio was recorded at approximately 56.6% in 2007 (including the portion of general insurance business that was written by Hang Seng Insurance Company Limited but subsequently transferred to HSGI). Going forward, A.M. Best expects HSGI’s risk-adjusted capitalization to remain solid, given its conservative underwriting approach and stable growth in written premiums.
Offsetting factors include continued softening in premium rates and stagnant market growth in the Hong Kong non-life industry. Additionally, increased frequency in weather-related claims along with intense market competition could potentially translate into a larger degree of underwriting volatility for HSGI in the near term.
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December 31st, 2009
Due to the recent event of ongoing wildfires in Southern California, UnitedHealth Group and its family of companies, including UnitedHealthcare, Ovations, OptumHealth and Prescription Solutions, are taking the following immediate actions to help those affected by the fires.
Effective Nov. 16, 2008, through Nov. 30, 2008, UnitedHealth Group is temporarily allowing affected customers who are enrolled in its health plans and pharmacy benefit management (PBM) services to obtain early refills of their prescription medications if the customers have refills remaining on file at a retail network or mail order pharmacy. This exception also applies to individuals with prescription coverage through UnitedHealth Group Medicare Advantage, Medicare Supplement or Medicare Part D offerings, including AARP MedicareRx plans.
Customers who have been displaced or whose network facility is not accessible and require assistance or special accommodations due to the wildfires should call the number on the back of their medical ID cards. Customer care professionals are available to help customers who have been displaced from their place of residence locate an in-network health care provider for non-emergent services or assist them in obtaining out-of-network services when an in-network provider is not available.
OptumHealth Inc. is providing a free help line to people in Southern California coping with the emotional consequences of the recent wildfires. Staffed by experienced master’s-level behavioral health specialists, the free help line offers assistance to callers seeking help in dealing with stress, anxiety and the grieving process. Callers may also receive referrals to a database of community resources to help them with specific concerns, such as financial and legal issues.
The toll-free help line number is 866-280-1418 and is available open 24 hours a day, seven days a week for as long as necessary. This service is free of charge. Resources and information are also available online in English at www.liveandworkwell.com and Spanish at www.mentesana-cuerposano.com.
About UnitedHealth Group
UnitedHealth Group is a diversified health and well-being company dedicated to making health care work better. Headquartered in Minneapolis, Minn., UnitedHealth Group offers a broad spectrum of products and services through six operating businesses: UnitedHealthcare, Ovations, AmeriChoice, OptumHealth, Ingenix and Prescription Solutions. Through its family of businesses, UnitedHealth Group serves more than 70 million individuals nationwide. Visit www.unitedhealthgroup.com for more information.
About OptumHealth
OptumHealth Inc. helps individuals navigate the health care system, finance their health care needs and achieve their health and well-being goals. The company’s personalized health advocacy and engagement programs tap a unique combination of capabilities that encompass care solutions, behavioral solutions, specialty benefits and financial services. Serving more than 61 million people, OptumHealth is the nation’s largest health and wellness business and is a UnitedHealth Group company.
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December 31st, 2009
RLI Insurance Company President & COO Michael J. Stone is scheduled to speak at the 2008 FBR Capital Markets Investor Conference on Wednesday, December 3, at 11:30 a.m. EST. The event will be held in New York City.
RLI is a specialty insurance company serving “niche” or underserved markets. With a diverse portfolio of property and casualty coverages and surety bonds, it has achieved an underwriting profit in 27 of the last 31 years, including the last 12. RLI and subsidiaries – RLI Insurance Company, Mt. Hawley Insurance Company and RLI Indemnity Company – are rated A+ “Superior” by A.M. Best Company and A+ “Strong” by Standard & Poor’s. RLI operates in all 50 states from office locations across the country.
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December 31st, 2009
Paul Hopkins, Chief Executive Officer (CEO) of Farmers Group, Inc., a Los Angeles-based subsidiary of Zurich Financial Services Group (Zurich), has been promoted to Chairman of the Board of Farmers Group, Inc. In addition, Mr. Hopkins will assume responsibilities overseeing Zurich’s Latin America operations.
Bob Woudstra, who currently is President and Chief Operating Officer for Farmers Group, Inc., has been named to succeed Mr. Hopkins as Farmers Group, Inc. CEO.
Mr. Hopkins, who joined Farmers in 1978 as a Farmers agent and subsequently became a Farmers employee where he held positions of increasing responsibility in the sales and marketing areas, credited the company’s success during his tenure as CEO to its agents, district managers and employees.
“Farmers’ success has been a true team effort and I would like to thank members of our leadership team; our entire employee and agency force; and the men and women who have served on our Boards for their passion, enthusiasm and support,” Mr. Hopkins added.
Mr. Hopkins was quick to praise Bob Woudstra, his successor as Farmers Group, Inc. CEO, for his leadership role in the company’s recent growth and success.
“Bob Woudstra is an experienced and talented leader with 35 years of service to Farmers and to Foremost Insurance Co., making him uniquely qualified to take charge of this great organization. Bob has made crucial and substantial contributions to Farmers’ strong performance. I am confident this is the beginning of even greater things for Farmers,” Mr. Hopkins said. “Bob will continue the momentum and add his own visionary imprint as he leads Farmers into the future.”
Farmers Group, Inc. is a wholly owned subsidiary of Zurich Financial Services, an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Farmers® is the nation’s third- largest Personal Lines Property & Casualty insurance group. Property and casualty products are underwritten and issued by the Farmers Exchanges and their subsidiaries, which Farmers Group, Inc. manages but does not own. Headquartered in Los Angeles, Farmers provides homeowners, auto, business, specialty products, life insurance and financial services to more than 10 million households. For more information about Farmers, visit our Web site at http://www.farmers.com.
Paul N. Hopkins is a member of the Group Management Board of Zurich Financial Services (Zurich) and President U.S. Personal Business. He joined the Farmers organization in 1978 as an agent and subsequently became a Farmers employee, where he held positions of increasing responsibility in the sales and marketing area.
In 1992 he transferred to the Los Angeles Regional Office as Assistant Vice President, Regional Operations. He became Vice President, Agencies in 1995, and Senior Vice President, Agencies two years later. Hopkins was assigned as Senior Vice President and Chief Marketing Officer in 1998, a position he held until January 1, 2000, when he was appointed Senior Vice President of State Operations. His next assignment, as Senior Vice President of Strategic Alliances, became effective April 2001. In August 2002, he was promoted to Executive Vice President, Market Management, and two years later became President of Farmers Group, Inc.
Hopkins was appointed a member of Zurich’s Group Management Board in December 2004. Since April 2005, he has been Chief Executive Officer (C.E.O.) of Farmers Group, Inc. and a member of Zurich’s Group Executive Committee (GEC). He also serves on the Board of Farmers Group, Inc. and is Chairman of the Board of Farmers New World Life Insurance Company. In 2006, Hopkins was named Chairman of the Board of ZFUS Services, LLC, Zurich’s North American shared services platform.
F. Robert (Bob) Woudstra joined Foremost Corporation of America in 1973 as Controller.
In his tenure with the corporation, Woudstra has held several positions. In February 1999 he was promoted to Chief Operating Officer of Foremost, which position he held at the time Foremost was acquired by Farmers in March 2000.
Effective March 2000, Woudstra was elected a Vice President of Farmers Group, Inc., and Chief Operating Officer of Farmers Specialty. Effective March 1, 2003, he was elevated to Senior Vice President of Farmers Group, Inc., and President of Farmers Specialty. In April 2005, Woudstra was promoted to Executive Vice President of Property and Casualty Operations and relocated to Los Angeles.
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December 31st, 2009
Southern Community Financial Corporation announced that it has received preliminary approval from the U.S. Treasury for the sale of $42.75 million in preferred stock and related warrants to the U.S. Treasury under the Capital Purchase Program of the Emergency Economic Stabilization Act of 2008. The preferred stock will pay a 5% dividend for the first five years, after which time the rate will increase to 9% if the shares are not redeemed by the Company. The approval is subject to certain conditions and the execution of definitive agreements. The transaction is expected to close during the fourth quarter of 2008. A summary of the Treasury’s Capital Purchase program can be found on the U.S. Treasury Department’s website at http://www.ustreas.gov/initiatives/eesa/.
Southern Community remains well-capitalized, for regulatory purposes. On a pro forma basis, the leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratios at the holding company level will increase to 10.29%, 12.28%, and 13.61%, respectively, from 7.83%, 9.34%, and 10.67% as of September 30, 2008.
“We are pleased to be one of the first community banks within our market to receive preliminary approval under the Treasury’s Capital Purchase Program. This investment strengthens Southern Community’s already solid capital position and allows us to selectively take advantage of the significant opportunities that have resulted from the unprecedented market disruption that has occurred across our footprint,” said F. Scott Bauer, Chairman, and Chief Executive Officer.
“These opportunities include the expansion of our lending capabilities and deposit acquisition activities across our markets, as well as the exploration of acquisitions that are aligned with our long-term strategic goals. In addition, we believe that as long as the uncertain and challenging economic environment persists, it is prudent to maintain our capital position at higher than historic levels.”
About Southern Community Financial Corporation
Southern Community Financial Corporation is headquartered in Winston-Salem, North Carolina and is the holding company of Southern Community Bank and Trust, a community bank with twenty-two banking offices throughout North Carolina.
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December 31st, 2009
Scivantage, a leading provider of web-based, front- and middle-office technology solutions to the financial services industry, announced today that it ranked number 128 on Deloitte’s 2008 Technology Fast 500. This announcement follows Scivantage’s top 25 ranking in Deloitte’s Technology Fast 50 Program for New York, New Jersey and Connecticut.
Deloitte’s 2008 Technology Fast 500 is a ranking of the 500 fastest growing public and private technology, media, telecommunications and life sciences companies in North America. Rankings are based on percentage of fiscal year revenue growth over five years, from 2003–2007.
Scivantage President and CEO, Adnane Charchour credits the company’s 1,495% revenue growth over the past five years to Scivantage’s proven commitment to innovation and strong client relationships. “Scivantage is extremely proud to be recognized for the second year in a row as part of the Deloitte Technology Fast 500. This honor exemplifies our dedication to delivering essential technology solutions that help financial institutions reduce operational costs, automate key business processes and strengthen client relationships.”
“Deloitte’s Technology Fast 500 recognizes companies who have achieved extraordinary growth in North America’s most innovative and competitive market sectors,” said Phil Asmundson, Deloitte LLP vice chairman and national managing partner for Technology, Media and Telecommunications. “We congratulate Scivantage on this significant accomplishment.”
The Fast 500 ranks the fastest growing technology, media, telecommunications and life sciences companies in North America. It is compiled from Deloitte’s regional North American Fast 50 programs, nominations submitted directly to the Fast 500, and public company database research. Companies are selected based on percentage revenue growth from 2003 to 2007.
Entrants must own proprietary intellectual property or proprietary technology that contributes to a significant portion of the company’s operating revenues or devote a significant proportion of revenues to research and development of technology. Using other companies’ technology or intellectual property in a unique way does not qualify. Base-year operating revenues must be at least $50,000 USD or $75,000 CD, and current-year operating revenues must be at least $5 million USD or CD. Companies must be in business a minimum of five years, and they must be headquartered within North America.
About Scivantage
Leading financial institutions depend on Scivantage for essential front- and middle-office applications that deliver transaction-critical data, automate key business processes and drive operational efficiencies. Scivantage’s proven, back-office independent brokerage solutions offer a powerful suite of applications that span the workflow of financial professionals and support the complex investment needs of the retail investor. From online trading and event notification management to automated account opening, maintenance and funding, Scivantage enables financial institutions and financial professionals to dramatically reduce operational costs, strengthen customer relationships and improve productivity.
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