EDM vendor Cadis has bagged 14 clients so far this year and is potentially set to sign three or four more before 2010 is out, according to CEO Daniel Simpson. The vendor, which has been touting its new Solvency II focused solution since its launch at Sibos last month, has also recently signed a deal with SIX Telekurs to carry the data vendor’s Valordata Feed (VDF) and provide it to the market as a hosted solution, and is looking to add more of these deals to its roster in future.
The vendor’s new clients are from across the spectrum, says Simpson, including the buy side, sell side and the regulatory community. One particular client has opted for a large scale rollout, with 26 countries to be included in the 18 month implementation. The average rollout, however, is around 12 to 18 weeks in an average of four countries, he adds.
Given Cadis is a relatively small outfit in terms of staff, with around 45 on the books at the moment, the vendor is limited in the number of deals it can push forward over the space of a year. But, even so, it has been fairly successful in a climate that has seen tough times for the EDM space over the last couple of years. Simpson indicates that the vendor will also be adding more staff to its operations over the next couple of years, including in the US and Asia.
Moreover, like a number of other players in the market, the decision to focus on the risk management equation and to partner with other firms out there is part of a survival strategy for the future. For example, other data management solution providers such as Thomson Reuters, Asset Control and GoldenSource (to name just a few) have all tailored their solutions to meet the data management challenges of the risk management function.
Cadis’ own platform aims to provide insurers with data governance and control functions in order to meet the requirements of much tougher regulator scrutiny. “Our Solvency II solution is an example of how we are tailoring our offering to be more vertical specific,” explains Simpson.
The vendor has invested in the software as a service (SaaS) model for the market and is now focused on building this out, including adding more graphically advanced front ends such as dashboards. “The focus is on allowing users to attain better exposition of the data we hold,” he says.
Simpson indicates that the decision to push real-time data through its platform earlier this year has also proved popular with the market.