S1 Corporation Bolsters Online Investment Offering Through Acquisition of Davidge Data Systems.Business/Technology Editors ATLANTA--(BUSINESS WIRE)--March 16, 2000 -- Technology acquired to facilitate rapid implementations of the S1 Consumer Investments Application -- S1 Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :SONE), the leading provider of Internet-based financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. solutions, today announced its intent to acquire privately-held Davidge Data Systems Corporation, a New York-based software company that specializes in middleware Software that functions as a conversion or translation layer. It is also a consolidator and integrator. Custom-programmed middleware solutions have been developed for decades to enable one application to communicate with another that either runs on a different platform or comes from a and order routing software and systems for the brokerage industry. With this transaction, S1 continues to enhance its robust applications that address the investment and brokerage needs of its global customers, which represent more than half of the world's top 100 financial institutions. With its fully integrated banking, brokerage and insurance applications, the S1 Consumer Suite is widely recognized as the industry's most comprehensive solution for Internet-based financial services. The repeal of the Banking Act of 1933 (Glass-Steagall) in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. has encouraged many financial service providers to act quickly to take advantage of the strategic business opportunities that are being presented by the convergence of banking, brokerage and insurance services. By combining its rich history in banking and technology with Davidge Data Systems' many years of expertise in the brokerage industry, S1 is uniquely positioned to deliver the industry's most comprehensive set of integrated online financial services solutions. "Today's announcement reflects our dedication to providing our customers the competitive advantages they require in the race to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the convergence of the financial services industry," said Herve Couturier, senior vice president of product management and development for S1 Corporation. "We intend to leverage Davidge Data Systems' technical expertise in back-end adapter technology and its heritage in the securities industry to enhance our product offerings and help our customers bring our investment application to market faster." Based on the current S1 stock price, the transaction is valued at approximately $20 million. The organization will become a strategic component of S1's product management and development team, with Nick Davidge, chairman, founder and 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 Davidge Data Systems, being named vice president of S1's investments applications and reporting directly to Herve Couturier. The acquisition is scheduled to close within the next 30 days. The acquisition of Davidge Data Systems brings to S1 a premier customer base of more than 90 broker dealer clients, 45 NYSE NYSE See: New York Stock Exchange member firms, five of the top 10 discount brokers and four of the top 10 clearing firms. The deal also strengthens S1's current infrastructure by adding additional resources and functionality to its existing investments platform and extensive domain knowledge within the securities industry. Davidge Data Systems customers will have access to S1's advanced Data Center, which has been designed to support the specific needs of hosting Internet-based applications. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Christopher Sandel, assistant director of operations/clearing and execution services at U.S. Clearing, a division of Fleet Securities, Inc., "We have been working closely with Davidge Data Systems for several years, and they have enabled us to more efficiently handle our high volume of daily trade executions. By leveraging S1's strong capital resources, rich heritage in the online financial services industry and industry-leading commitments to R&D, we believe the company's newly formed relationship with S1 will further enhance its ability to deliver even more robust solutions. We're pleased that one of our core technology providers will be integrated with the world's largest and most innovative provider of Internet-based financial services solutions." The Davidge Electronic Banking Interface (DEBI DEBI Diffusion of Effective Behavioral Interventions DEBI DMA Extended Bus Interface ) application, which is designed specifically to enable back-end connectivity and support multiple forms of trading, will be incorporated into the S1 Consumer Investments solution. This will minimize the time and effort it takes S1 customers to connect to an institution's proprietary or third-party clearing systems, thereby shortening the implementation timeframe associated with S1 Consumer Investments. Davidge Data Systems' flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , DavNet, an order routing network for professional trading, will also be available to S1 customers to support execution over 37 different exchanges in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . "We are very excited about becoming a part of the company that is defining the future of the online financial services industry," said Nick Davidge. "Since our inception, we have worked closely with some of the world's leading financial institutions, including U.S. Clearing, Brown Brothers Harriman and Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. , to develop brokerage systems that are powerful, proven and reliable. We feel that our infrastructure, coupled with S1's leading-edge investment solution, will offer customers online brokerage capabilities that are truly unique in the industry." About S1 Corporation S1 (Nasdaq:SONE), the pioneer of Internet banking, is today's leading global provider of innovative Internet-based financial services solutions. S1 offers a broad range of applications that empower financial organizations to increase revenue, strengthen customer relationships and gain competitive advantage by meeting the evolving needs of their customers across various lines of business, market segments and delivery channels. Through its professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. organization, S1's applications can be implemented in-house or outsourced to the S1 Data Center. Additional information about S1 is available at http://www.s1.com. About Davidge Data Systems Davidge Data Systems is the leading third-party vendor of order routing services in the United States. Davidge's value added network (networking) Value Added Network - (VAN) A privately owned network that provides a specific service, such as legal research or access to a specialised database, for a fee. A Value Added Network usually offers some service or information that is not readily available on public (DavNet) has the most destinations in the world. Roughly eight percent of all NYSE volume is placed over DavNet. Since its inception in 1982 Davidge has pioneered open systems message routing. HPNS HPNS High Pressure Neurological Syndrome HPNS High Performance Native Socket (High-Performance Network System], the Davidge Securities Message Routing server, provides the backbone for DEBI. It has a proven 10-year track record's history has been one of innovation in identifying the trading needs of financial firms and their customers, and bringing advanced technology to bear in an OLTP (OnLine Transaction Processing) See transaction processing and OLCP. OLTP - On-Line Transaction Processing environment. This process has led to the creation of a large body of software and application tool kits that serve as not only the software basis for a global financial network but also a network backbone for large financial firms to connect to their customers, internal processes and sources of liquidity. Additional information about Davidge Data Systems is available at http://www.davidge.com. |
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