EDM platform provider AIM Software has partnered with New York-based West Highland Support Services to forge a combined offering aimed at addressing the data management challenges faced by front- and middle-office operations managers. The move expands AIM’s activities in the US, home to its financial backers Welsh, Carson, Anderson & Stowe and where most recently it acquired EDM specialist Joss Technologies.
Under the arrangement, the two companies have combined AIM Software’s GAIN Data Management EDM platform with West Highland’s Reference Data Framework (RDF), a Big Data, Data Lake caching, access and distribution optimisation tool. The aim is to provide financial institutions with a single point of access to near real-time, end-of-day and static market and reference data from multiple sources.
According to Steve Roe, founder and CEO of West Highland, “Big Data is transforming our industry, and clients cannot wait for data to be made available in the traditional time frames.” The combined solution will make use of AIM Software’s data mastering capabilities and data usage dashboards for greater transparency, giving clients a cost-effective approach through buying (versus building) an architectural framework to process and make available any data attribute in real-time, pricing or referential. This helps by “bringing EDM closer to the front and mid-office for corporate actions, valuations, P&L and risk management,” Roe says.
AIM Software CTO Deepak Srinivasan adds that the tie-in with WHSS will enhance the capabilities available to GAIN Data Management’s more than 100 clients, “enabling [them] to make informed decisions more quickly, and with even greater accuracy.”
The two companies are now embarking on a joint campaign to advise clients on how to use the solution to address long-standing data challenges impacting the front and middle office.