Eagle Investment Systems, a subsidiary of BNY Mellon, is planning to build out its Access cloud technology platform with the addition of data centres hosting the solution in Europe and Asia Pacific to an existing data centre in the US. The company expects to open a European facility, most probably outside London, in June 2015 and will then move on to Asia Pacific, not only extending the capacity of its cloud services, but also addressing market concerns about local regulation and data privacy.
Also on the agenda for 2015 are an office in Australia, which will be Eagle’s 15th global location and will support what CEO Mal Cullen describes as the company’s ‘next area of growth’; a major release of the company’s data management, investment accounting and performance measurement solutions in May; extended analytics for big data; add-on products and services for existing users; and the addition of 20 new customers to the company’s list of 164 existing customers.
To date, about 50% of Eagle’s customers are using the company’s solutions in the Access cloud. Cullen expects more to sign up for cloud services as Eagle builds out a global network of local data centres to support Access and financial institutions continue to decouple non-core competencies. He explains: “When companies outsource data management they don’t want to give up control of their data. Eagle can provide companies with a data hub on Access and data processing that is outsourced to BNY Mellon’s OnCore multi-tenanted data management platform.”
Considering the company’s data management solution, which can be run in the Access cloud or deployed in-house, Cullen adds: “Demand for data management solutions never slows down. Companies want solutions for issues such as reference data management to ensure they have clean and accurate data to feed into systems. We are also seeing initiatives around the investment book of record that are driving decisions on data management platforms.”
About 40 of Eagle’s customers use only the data management solution, with the rest also using one or both of the company’s investment accounting and performance measurement solutions, which are all based on the same platform. The company is targeting the addition of 20 new customers this year, as well as 120 implementation projects for existing customers that will be supported by Eagle’s 175-strong services team. Cullen says: “Multiple solutions on a single platform are a strong play for Eagle as customers often buy one of our solutions for a particular purpose and then move on to select other solutions. Last year, two-thirds of our business came from existing customers and one-third from new customers.”
Among Eagle’s recently announced customers are investment management firms Capital Group Companies and Invesco. Capital Group worked with Eagle for four years as a development partner on the company’s accounting platform before migrating from a legacy platform and going live with the Eagle solution in November 2014. Invesco has been an Eagle customer since 2009 and initially worked with Eagle to overhaul its global data architecture programme. It has since implemented the company’s data management and performance measurement solutions, and will go live with Eagle’s accounting software later this year. BNY Mellon also uses the accounting platform to support its US asset servicing clients.