London, 23rd January 2008 -
Odyssey Financial Technologies, the leading provider of wealth
and asset management software solutions, today announced
the acquisition of Xeye, a leading provider of wealth management technology in the North American market.
Xeye provides advanced solutions to top wealth management
institutions from its base in Mississauga, Canada. Joining
Odyssey will accelerate Xeye’s entry into global markets and
increase investment in research and development.
Odyssey’s solutions are unique in the wealth management
technology industry: its components can be deployed in multiple
combinations on a single scalable platform to address the
challenges and business goals of leading global companies
and regional financial institutions. This acquisition considerably enlarges Odyssey’s CRM and Advisory offer for the wealth management industry and substantially re-enforces its commitment and presence in the North American market.
“Xeye’s acquisition fits extremely well with our objective to be the leading global provider of the wealth and asset managementintegrated front-end application desktop. Xeye has built a full Java Oracle SOA platform for the front-end wealth management market, which is especially strong in North America within the CRM/Advisory Retail Brokerage area. This complements our strengths in the HNWI/Private Banking Domain significantly,” says Antoine Duchateau, Chairman and CEO of Odyssey. Odyssey will now be able to service an increasing number of wealth management organisations globally by leveraging the combined strength and expertise of the existing and acquired businesses.
The Xeye WealthManager™ product will continue to be available as a stand-alone solution to wealth management organisations, and the new functional coverage will be integrated into the Odyssey “Wealth & Asset Management Platform” and made available to existing Odyssey customers who run retail
private banking business operations.
Customers will benefit from the breadth and depth of the combined Research and Development teams, Odyssey’s corporate strength, and an international network of offices. Xeye customers will also be able to take advantage of a wider range of investment management components including workflow
integration and reference data management. Odyssey’s existing customers with high volume processing requirements will be able to benefit from the proven scalability of the Xeye’s technology.
Along with the acquisition of CAfIT, a player in the institutional and funds portfolio management sector, in May last year, this acquisition puts Odyssey in an unparalleled position of strength in terms of functional breadth and coverage in the front-end wealth and asset management desktop arena.
Craig O’Neill, Xeye’s President and CEO comments: “The combination of Odyssey’s range of solutions and Xeye’s WealthManager creates a powerful new front-office solution set for wealth management. We are very pleased to become part of Odyssey Financial Technologies and believe that the international office network, larger development capacity and Odyssey’s long-standing experience will serve Xeye customers well, allow us to further advance our market-leading offering and provide significant new international growth opportunities”.
Arma Partners LLP acted as financial advisor to Odyssey Financial Technologies.
Combination expands Odyssey wealth-asset management platform and creates sizeable North American operation About Xeye Many of the world’s leading financial institutions rely on Xeye to help them holistically manage their clients’ financial needs and seamlessly service client relationships across multiple channels. Xeye’s clients span the entire spectrum of financial services from wealth managers, private banks and trusts to financial planners and broker dealers.
Xeye’s core solution is WealthManager™ — a highly scalable, enterprise-wide wealth management platform featuring a suite of best-of-breed business solutions designed to help financial institutions leverage technology, lower costs, increase revenue, and better manage the needs of their ever-demanding client base.
For further information, please visit: http://www.xeye.com/.
About Odyssey Financial Technologies
Odyssey is an industry leader in the global provision of private wealth and asset management solutions and services. More than 180 financial institutions in 30 countries have chosen Odyssey solutions; of the top 25 European banks, 15 are Odyssey customers. Odyssey focuses on providing a comprehensive range of components for portfolio management, advisory, customer relationship, compliance, risk, and analytics. The components are deployed on a single scalable wealth and asset management platform, facilitating the enterprisewide implementation of solutions and data management. Founded in Luxembourg in 1995, Odyssey has offices in the key financial centres, including London, New York, Toronto, Singapore, Zurich, Frankfurt, Brussels, Geneva, Madrid and Tokyo. Odyssey’s operational head office and main development centre is located in Lausanne, Switzerland. Throughout this knowledgeable network Odyssey employs more than 450 professionals.
For further information, please visit: http://www.odyssey-group.com/.
© Odyssey Financial Technologies
Contact: Ken Watson, Director - M&A Integration
Press enquiries to
Valérie Michiels, Odyssey Corporate Marketing
Tel: +352 4260801
UK Press enquiries to
Nicolle Farthing/Nicki Ferguson, Cre8 Results Limited
Tel: +44 (0)20 7734 9199