Netik Acquires CorrectNetBy Netik, PRNE
Tuesday, May 17, 2011
To Enable Netik To Deliver A Broader Spectrum of Solutions to Address the Complete Information Creation, Management And Delivery Chain
NEW YORK, May 18, 2011 - Netik LLC, a Symphony Technology Group (STG) portfolio company and
leading global financial information management provider, announced today the
acquisition of CorrectNet, the market leader in managed client communications
and delivery. The union of CorrectNet with Netik's information management
products and services is highly complementary and unique to the market place.
STG provided the capital to support this transaction. Financial terms of the
deal were not disclosed.
CorrectNet is the global market leader in scalable information
distribution, proven in over 250 implementations and CorrectNet's infiPOINT
data platform and service provides the technology, infrastructure, operations
and people to manage the aggregation, presentation, and delivery of complex
information to business users.
Netik is focused on information creation and management and CorrectNet is
focused on information delivery and distribution. The resulting end-to-end
proposition addresses the complete information creation, management and
delivery chain and promises powerful market impact and tremendous synergy.
Rob Flatley, CEO of Netik, comments "In a market where IT investment across
the buy side and sell side is focused on client service and quality, we are
bringing scale into that market equation, first from an information
management perspective and secondly from an information delivery
Flatley continues "Both organizations are highly focused on delivering
scalable fully managed services, with Netik focused on delivering information
management in a SaaS model and CorrectNet already delivering this in a hosted
environment for reporting, RaaS. The core values in information management
and distribution of both organizations means we are already highly compatible
and perfectly incremental as a solution set. Both companies are on a growth
trajectory and we will be making significant investment into the combined
business with immediate integration of the two companies to achieve speed to
market. Our customers will benefit from a broader spectrum of solutions from
us, as a single vendor, leveraging significant R&D focus back into our core
"We are pleased to be supporting this important business combination,"
commented Marc Bala, Principal with Symphony Technology Group. "This
transaction represents an extremely important step in continuing to
reposition Netik as a leading global provider of SaaS and KPO solutions for
the buy side and sell side."
There are also considerable regional synergies to be gained from Netik
and CorrectNet joining forces and CorrectNet will see the immediate benefit
from Netik's regional presence. Netik has invested heavily in expansion in
the Asia Pacific region and offshore capability with operations in North
America, Asia, Europe, Middle East and South Africa in addition to the eight
global data centers that CorrectNet brings to the table. Netik will continue
to operate as a New York headquartered company with the addition of
CorrectNet's Long Island office. Robert Miller, CorrectNet's Founder and CEO,
will continue to lead the CorrectNet business in the role of President of
Netik's established Delta One Data business, as market leading provider
of index and ETF data, also stands to benefit from the acquisition. The
acquisition of CorrrectNet, as the captive market leader in data
distribution, adds a powerful and scalable platform for the delivery of
Netik's Delta One Data to the client base over the Internet.
Since the appointment of Rob Flatley, just over a year ago, Netik has
added significantly to its management team and invested heavily into both
product strategy and its expansion in the Asia Pacific region and offshoring
capability and this acquisition marks the first in the company's growth
Netik is a global provider to the securities industry of financial data
management and reporting services and products with operations in North
America, Europe, Middle East, South Africa and Asia. As a growing and
expanding company, Netik seeks to increase the sophistication and calibre of
what it produces, as well as provide limitless services that bring together
people, product, well-honed process and proven technology in the delivery of
leading financial data management.
Netik's data management products include Netik Global Securities Master,
Netik GSMSM, a reference data managed service, Delta One Data, a
comprehensive source of index and ETF data, Netik InterView(TM), a data
warehouse for the storage of holistic financial data and Netik Information
PortalSM to visualize and report on data.
These Netik solutions sit at the heart of investment and securities
operations at many of the world's leading Asset Managers, Hedge Funds, Wealth
Managers, Private Banks, Prime Brokers, Fund Administrators, Custodians,
Investment Operations Outsourcing providers and Investment Banks.
For more information please visit www.netik.com.
About Symphony Technology Group
Symphony Technology Group (STG) is a strategic private equity firm with
the mission of investing in and building great software and services
companies. In addition to capital, STG provides transformation expertise to
enable its companies to deliver maximum value to their clients, to drive
growth through innovation, to retain and attract the best talent and to
achieve best in class business performance. STG's current portfolio consists
of twelve global companies.
For more information, visit www.symphonytg.com.
Netik media inquiries: Paul Bowhay / Claudia Coleman, Tel: +44-(0)20-7438-1100, netik at cognitomedia.com
Tags: May 18, Netik, New York