Hummingbird Acquires Financial Software Solution
Hummingbird Communications Ltd., a world-leading enterprise software company, has announces that it has signed an agreement to acquire all rights to Financial Frameworks, a software solution for the financial services industry from Context, Inc., a New York-based information technology firm specializing in software and consulting services for the financial industry.
The acquisition will enable Hummingbird's Business Intelligence Group to better penetrate financial-sector customers and allow the cost-effective deployment of customized data marts complete with a full range of business intelligence capabilities.
Under the terms of the agreement of purchase and sale, Hummingbird will acquire all rights to Financial Frameworks software technology and all intellectual property related thereto for an aggregate purchase price of US$ 1 million. As per the terms of the agreement, Gail Port, President of Context, Inc., and other senior officers will be employed by Hummingbird.
"The combination of Hummingbird BI/Suite and Context Financial Frameworks together with Context's considerable expertise in the financial industry will allow Hummingbird to better serve the financial sector," said Fred Sorkin, Chairman, President and Chief Executive Officer of Hummingbird. "Many financial institutions are seeking risk management, profitability analysis and sales prospecting technology, and this solution delivers faster return on investment than any other in the market."
"Financial Frameworks allows banks and other financial organizations to quickly and cost-effectively build data marts populated with clean, high-quality data derived from their corporate legacy systems," said Gail Port, President of Context, Inc. "But building the data mart is only part of the overall goal: users need an easy way to access, analyze and report on the information stored in the data mart. The combination of Hummingbird and Context products will allow us to bring a superior solution."
Hummingbird BI/Suite is a fully integrated, scalable enterprise business intelligence solution that allows users to access and analyze information stored in transactional databases, data marts, data warehouses and enterprise resource planning (ERP) applications both on the desktop and over the Web. BI/Suite includes:
Context brings years of experience in providing solutions for businesses in the financial services industry and an impressive client list that includes major corporations such as the Chase Bank, Citibank, JP Morgan, McKinsey & Co., and NationsBank. Context markets Financial Frameworks, a flexible, packaged plug-and-play solution that can significantly reduce the time and cost of providing an integrated, easily accessible data repository for a financial institution's credit risk management, profitability analysis and sales prospecting needs.
Hummingbird Communications Ltd. specializes in the development of enterprise software solutions, including network connectivity and business intelligence products that provide high performance access to internetwork-based information and applications. Hummingbird products are sold and supported internationally by authorized resellers in more than 40 countries. Headquartered in Toronto, Canada, Hummingbird has offices strategically located throughout Canada and the United States, Australia, Switzerland, the Netherlands, Germany, France, Italy, Sweden and the United Kingdom.