SAN MATEO, CA March 30, 2009 - Xignite, Inc., the leading cloud services provider of on-demand global financial market data and application components, today announced XigniteIndexComponents, the first on-demand web service to provide index component data. With XigniteIndexComponents, companies can easily access the data they need to make index-driven financial decisions via Xignite's on-demand web services, which substantially reduce the total cost of accessing financial market data. Index Oasis, the first customer to use the XigniteIndexComponents, has reported an immediate return on investment and attributes a 35 percent reduction in time to market to the service.
XigniteIndexComponents covers more than 40 major indices, including the Dow Jones Industrials and the S&P 500. It provides an up-to-date list of securities that make up indices and, for many of the indices, it also includes detailed weighting data about how much each security contributes to the overall index value. As an on-demand web service, organizations can now leverage this data to obtain only the data they need, without the heavy up-front investment in infrastructure, ongoing maintenance costs and lengthy development effort required by traditional financial data providers.
Index Oasis, a company focused specifically on index analysis, is using XigniteIndexComponents as a primary source for mission-critical data. With XigniteIndexComponents, Index Oasis helps financial advisors, money managers and investors manage their portfolios more wisely with a cutting-edge, web-based software platform. Index Oasis customers overcome the current market challenges by comparing and contrasting analysis on the constituent securities that make up major indices. XigniteIndexComponents provides Index Oasis with the index pricing and constituent information needed to perform their in-depth index analysis.
After evaluating numerous data sources, Index Oasis chose Xignite based on Xignite's on-demand delivery as well as Xignite's best-in-class products and depth of financial data knowledge. Index Oasis realized an immediate return on investment, which it attributes to fast, easy integration with no need for up-front investments in hardware or software infrastructure.
"Xignite's on-demand delivery model using web services cut our time to market by roughly 35 percent compared with traditional methods of integrating financial data, which was a key factor in our decision because it allowed us to pursue other high value initiatives," said Joe Lesters, CEO of Index Oasis. "We consider Xignite an extension of our own personnel and now think of them exclusively for our market data needs."
"At Xignite, we are finding a growing demand for financial Web services in the enterprise and in financial institutions, where economic pressures dictate significant reductions in IT expenditures, and among small companies that could not previously afford to obtain costly financial information," said Stephane Dubois, CEO of Xignite. "With XigniteIndexComponents, we are taking another step in opening up the market for financial information by using Web services and on-demand delivery to dramatically reduce the cost of sourcing market data."
About Index Oasis
Index Oasis is an independent third party company dedicated to global stock market index evaluation and analytics. It serves the financial services community by giving advisors, money managers and investors access to index profiles, asset allocation tools and standard financial models in an intuitive, cutting-edge web based software platform. Index Oasis customers obtain advantages over competitors being able to compare and contrast constituent analysis, risk/return analytics and index breakdowns to help discuss, breakdown and propose solutions to the complex financial landscape. In current market conditions, it has become increasingly important for advisors, money managers and investors to base financial investment decisions through analytical analysis. For more information, visit www.indexoasis.com.
Xignite is the leading cloud services provider of on-demand, global financial market data and application components. The Xignite financial Web Services and mash-up platform helps companies build smarter websites and software applications in minutes with zero investment and cost-effective, subscription pricing. Xignite offers over 50 solutions covering domestic and global equities, commodities, currencies, fixed income and interest rates, company fundamentals, corporate information and more. Xignite solutions power mission-critical applications and financial Web sites for more than 400 global clients, including Forbes.com, kaChing.com, NetSuite, Citi, GE Commercial Finance, ING, Starbucks, Wells Fargo and Wendy's. For more information, visit www.xignite.com or call 1-866-XML-SOAP.
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