iGATE signs Multi-Year Contract with UBS

iGATE Corporation(NASDAQ:IGTE) has announced that it has secured a major contract with global financial services firm UBS AG.
 
Under the terms of the contract, UBS will migrate towards a globally managed service for instrument reference data mastering across all asset classes, operated by iGATE. iGATE will consolidate multiple technology systems onto the Markit Enterprise Data Management platform and transform the operations using its iTOPS framework. This strategic initiative has significant benefits for UBS including improved standardization, reduced risk, operational complexity and cost.
 

Adrian Boyd, Managing Director, UBS, said, Moving towards a managed service model for the supply of financial instrument data is a good example of industrialization in action at UBS. Following a robust selection process, we decided that iGATE was the best partner with which to deliver the instrument data services that our businesses will need for the future.
 
Derek Kemp, Executive Vice-President & Head of EMEA region, iGATE,  said, The deal with UBS marks a significant milestone for iGATE’s Business Outcomes model and furthers our aim of shifting the industry from an effort-based business model to an outcomes-driven one. We are proud to be selected to support UBS in this area of business and are already seeing strong interest from other leading financial institutions in our combined proposition with Markit Enterprise Data Management.
 
iGATE has also  partnered with Markit to drive standardization in the industry by providing a similar managed service to other institutions.