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Xcitek Reshuffles, Seeing Demand For Corporate Actions Solutions

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Xcitek, a provider of corporate actions data and management software, is reshuffling its sales, client services and marketing groups, and has plans to hire several new sales and sales support staff. The corporate realignment is cited as a response to growing demand for the company’s XSP corporate actions systems and services.

According to Brendan Farrell, managing partner, the company plans to “pour financial resources into the development and enhancement of our business” in the expectation of “another exceptional year” in 2004. He reports significant progress in 2003, including “new product releases and initiatives, penetrating our presence in the U.K. market, and building relationships with … service providers and industry utilities to enhance our product offerings.”

Xcitek capped a six-month run of announced deals for its products last month with a new contract from U.S. Bancorp (Reference Data Review, December 2003), and expects to release more client additions soon. During the second half, Xcitek also signed agreements with Wachovia Corp., J.P. Morgan Securities, Credit Lyonnais Securities (USA), UMB Bank and Oppenheimer.

Under the reorganization, Craig Schachter, senior vice president, takes on responsibility for all global sales and strategic partnerships, reporting to managing partner, Brendan Farrell. Schachter was previously responsible for third-party relationships. He succeeds Charles Price, who takes over as head of client services. Richard Yosua, previously director of data sales, moves to the newly created position of director of third-party sales, reporting to Schachter.

John Kehoe, formerly senior client administrator for Xcitek’s XSP system, has joined Schachter’s team as sales executive; Schachter plans three further sales hires for
the New York office. In its London sales office, Xcitek has hired

Richard Bustard, formerly senior sales executive at One-Ten, and before that with UBS. Bustard will report to the newly promoted Nick Burgess, director of European operations.
Meanwhile, in client services, Price, senior vice president, will assume responsibility for overseeing client service, sales support and marketing for all Xcitek products. Within Price’s group, Mick Coffey becomes director of XSP product support in North America, with responsibility for pre- and post-sales support. Coffey, who expects to add staff to his group in 2004, was previously product specialist.

Also within Price’s client services group, Tom O’Brien has been promoted to director of Internet products, with responsibility for quality assurance, product development, client services and technical support for Xcitek’s web-based products. O’Brien was previously product manager for the web-based services. Catalina Gonzalez, director of data product support, meanwhile, also plans to expand her department.

Within the marketing department, Xcitek has added Ronnie Bradford as marketing executive, an internal promotion from an administrative role in the company’s Birmingham, Ala., headquarters. Bradford reports to Wendy Chan, director of marketing, and will assist with marketing and communications.

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