NEW YORK, May 18, 2011 /PRNewswire/ -- 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 perspective."
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 competencies."
"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 CorrectNet.
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 plans.
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 http://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 http://www.symphonytg.com.