CorrectNet and GIS Team Up to Empower Administrators with Tightly Integrated Web Publishing.Business Editors/High-Tech Writers HAUPPAUGE, N.Y. & HACKENSACK, N.J.--(BUSINESS WIRE)--July 28, 2003 Global Investment Systems Ltd. (GIS (1) (Geographic Information System) An information system that deals with spatial information. Often called "mapping software," it links attributes and characteristics of an area to its geographic location. ), the leading supplier of specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. accounting software for the securities industry, and CorrectNet, the leader in data consolidation and Web publishing Creating a Web site and placing it on the Web server. A Web site is a collection of HTML pages with the home page typically named INDEX.HTML. Web sites are designed using Web authoring software which provides a graphical layout capability or by hand coding in HTML or both. services, announced today that GIS's fund administration software systems will now include an online reporting capability. This new functionality will be made possible by integrating GIS' MFACT(R) and MSHARE(R) systems with CorrectNet's infiPOINT(TM) system to create GIS's WebPortal(TM). In commenting on the announcement, Peter Muldoon, director of client services at GIS, said both companies jumped at the opportunity to work together in response to industry calls for a comprehensive Web reporting solution for hedge funds hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" . "This integration between MFACT, MSHARE and CorrectNet's infiPOINT will greatly satisfy our clients' needs for Web reporting," he said. "In fact, CorrectNet's cutting edge technology, particularly their approach to security, really proved they could help us provide the user security and enhanced functionality our clients have come to expect. Additionally, their strong positioning within the hedge fund administration business made this a natural fit for both companies." MFACT and MSHARE users will now be able to extend their data and reporting to the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , providing their fund managers and investors with fund information enriched with charts and graphs. Administrators and others will be able to drill down to a transactional level of detail for information about portfolio holdings, financial statements, trial balances, and shareholder investments. Fund level performance will be available historically, along with PDF (Portable Document Format) The de facto standard for document publishing from Adobe. On the Web, there are countless brochures, data sheets, white papers and technical manuals in the PDF format. statements, letters, and other fund manager and shareholder specific information. "GIS is well respected in the industry, and we are excited to have the opportunity to work with them," Bob Miller, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CorrectNet said. "It's clear that fund managers and investors need secure Internet access See how to access the Internet. to fund information. Now that their Internet presence will seamlessly integrate with their mission-critical accounting systems, administrators and managers will realize significant efficiencies and deliver better client service." CorrectNet's infiPOINT platform (on which WebPortal is based) rapidly consolidates data from existing databases and reporting systems into an XML database A database that stores XML documents. There are two types. The first is the "XML-enabled database," which is a relational or object-oriented database that has been extended to hold XML data. that creates powerful Web publishing services. Access to this reporting solution is restricted by a sophisticated security infrastructure that is frequently audited by the company and their clients, who are among the largest financial institutions in the world. GIS will offer WebPortal as a part of their product suite. CorrectNet's global infrastructure is primed to serve GIS' broad and diverse client base. Please visit www.giswebportal.com to find additional information about features, security, frequently asked questions, and more. About CorrectNet, Inc. CorrectNet (www.correctnet.com) is the leader in Web-reporting solutions for asset managers and supports over 750 firms, 1,400 funds, and reporting on over $200 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . The company is a recognized industry specialist in consolidating complex financial data from existing accounting, portfolio and performance systems, and securely delivering this information to fund managers and their investor/shareholders. Their proprietary technology, proven security architecture, and global hosting locations in the U.S., Europe, and the Caribbean satisfy the needs of clients in almost any jurisdiction. About Global Investment Systems, Ltd. Formed 10 years ago after a management buyout Management buyout (MBO) Leveraged buyout whereby the acquiring group is led by the firm's management. management buyout See going private. from Price Waterhouse, GIS is headquartered in Hackensack, N.J., and has an office Dublin, Ireland. The company maintains over 100 installations of its products throughout the world in 16 countries, servicing more than 3,500 mutual funds, hedge funds and portfolio accounts. More information about the company and its products and services can be found on its Web site at www.gisltd.com. |
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