SAN MATEO, CA February 2nd, 2009 - Xignite, Inc., the leading cloud computing provider of on-demand Web services for professional-grade financial market data and applications, announced today that kaChing, the Web’s largest marketplace for investing talent, is using Xignite Web services to provide up-to-the-minute financial information to its users. With Xignite’s low-cost, easy-to-integrate financial Web services, kaChing can provide a realistic investment environment and give every investor — novice or expert — access to outstanding investment tools, insights and talent.
kaChing, an SEC Registered Investment Advisor, was founded to provide retail investors access to the investing returns, insights, transparency and talent once only available to wealthy individuals. kaChing believes that there are many individuals capable of generating outstanding risk adjusted returns who haven't yet earned the money necessary to invest. Therefore it allowed members to manage virtual stock portfolios in a realistic environment enabled by Xignite's Web services. This in turn allowed the company to attract over 360,000 managers of whom 1,500 created diversified portfolios that generated positive returns in 2008 as compared to only one mutual fund that generated positive returns over the same time period. kaChing's groundbreaking approach of registering with the SEC as an Investment Adviser allows the company to encourage members to follow or emulate each other.
Xignite is the only company that provides professional-grade market data, including real-time stock quotes, as an on-demand cloud service. By working with Xignite rather than traditional market data providers, kaChing saved hundreds of thousands of dollars and months of development time.
"Xignite was essential to build the authentic trading environment we envisioned for kaChing," said Dan Carroll, founder, kaChing. "With Xignite, we were able to obtain the financial data we needed at the right price and integrate it into our site in a matter of days. Xignite's cloud services have been instrumental for kaChing to reach its goal of attracting outstanding investing talent and a critical mass of users, and providing them all with access to fully transparent investing information."
kaChing is currently using seven Xignite Web services to power all of the market, financial and company information offered on the kaChing Web site. Of these seven, Xignite specifically built two services for kaChing including XigniteLimitOrders, a service that accurately emulates a broker's limit order capabilities. Additional Xignite services used by kaChing include:
- XigniteNASDAQLastSale — Real-time NASDAQ Last Sale stock prices and trade data for US-listed stocks.
- XigniteHistorical — Historical stock quotes (end-of-day closing prices) for U.S. equities beginning when the market opened.
- XigniteFundamentals — Stock fundamentals for U.S-listed companies for performing equity research and analysis.
- XigniteLogos — Company logos for every US-listed stock.
Xignite provides an extensive catalog of more than 50 categories of financial information delivered on-demand as industry standard Web services. There is no upfront risk or infrastructure investment in hardware, software, vendor tools or custom coding. And, there are no ongoing requirements of system administration and maintenance.
"At a time when the financial sector is under intense scrutiny, kaChing has taken an innovative step in opening up the investment industry," said Stephane Dubois, CEO, Xignite. "We fully support kaChing's mission and look forward to creating new Web services to support their future growth."
kaChing is the largest marketplace for investing talent on the web with over 360,000 portfolios under management. By uniquely applying an open source and social-networking strategy, kaChing offers every investor the opportunity to access the returns, insights, transparency and talent previously only available to wealthy individuals. The company's investors include Marc Andreessen, co-founder of Netscape; Kevin Compton, affiliated partner with Kleiner Perkins Caufield & Byers (KPCB); Bruce Dunlevie, general partner at Benchmark Capital; Ben Horowitz, former CEO of Opsware; Jeff Jordan, CEO of Open Table and formerly president of PayPal; Doug Mackenzie, affiliated partner with KPCB; founding partners Harris Barton and Ronnie Lott of HRJ Capital and Andy Rachleff, co-founder of Benchmark Capital. For more information, visit kaChing at http://www.kaChing.com or add the kaChing application on Facebook or MySpace.
Xignite is the leading cloud computing provider of on-demand, Web services for professional-grade financial market data and applications, fulfilling more than one billion service requests per month. Xignite offers the broadest selection of financial Web services available today with more than 50 solutions covering domestic and global equities, commodities, currencies, fixed income and interbank interest rates, analyst predictions, company fundamentals, corporate information and news. Xignite solutions power mission-critical applications for portfolio management, sales management, trading, investor relations, executive dashboards, asset pricing, ERP, accounting, e-commerce, online games and financial websites for more than 400 global clients, including Citi, GE Commercial Finance, Wells Fargo, ING, Marsh & McLennan, Forbes.com, NetSuite, kaChing.com, Starbucks, and Wendy’s. For more information, please visit www.xignite.com or call 1-866-XML-SOAP.
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