Murex to Open Offshore Development Center in Bangalore with MindTree

MindTree, a global IT and R&D Services Company, and Murex, […]

October 22, 2008

MindTree, a global IT and R&D Services Company, and Murex, the leading provider of cross-asset trading, risk management, and processing solutions, today announced a strategic partnership. MindTree becomes a preferred partner of Murex for system implementation and support services and hosts the Murex Offshore Development Center (ODC) in Bangalore.

The ODC provides an extension of the new Murex division, CDS (Customer Delivery Services), and serves Murex’s technology needs in system implementation tools and technologies. The first assignments will focus on the Murex MX.3 platform upgrade program and will include report and datamart development and conversions. The current team of Murex consultants at MindTree is approximately 100 people and is expected to grow rapidly and cover the full spectrum of Murex capabilities.

“MindTree and Murex have been working together for several years, and today we’re taking our partnership to the next level,” said Philippe Helou, founding partner, Murex. “Over the course of our relationship, MindTree has demonstrated the ability to provide a talent pool that understands our solutions and we have delivered several successful engagements jointly, including those for some large European, Australian and Asian banks. Combined with our closely aligned corporate values, we feel this partnership will bring seamless professional support and reduced Total Cost of Ownership to our customers.”

Murex focuses its resources and R&D investments on providing the world’s top financial institutions with innovative integrated solutions covering all front-office, risk management and back-office operations while delivering in-depth functionalities for a wide range of asset classes – from basic to the most complex structured and derivatives products. Sell-side financial institutions, utilities, corporations, hedge funds, private banks and asset managers rely upon the Murex MX portfolio to support their capital markets activities and gain sustainable edge.
“MindTree is very excited to be embarking on the next stage of its relationship with Murex. This relationship helps to further deepen our service offerings in the Banking and Capital Markets space,” said Ashok Hegde, vice president, Capital Markets, MindTree. “Murex is a recognized global leader in the Capital Markets, and its selection of MindTree as a preferred implementation and offshore partner is an important endorsement of our industry expertise.”

MindTree’s Capital Markets offerings are structured around the derivatives practice, equity and fixed income, hedge funds, package expertise and architecting and solutions. MindTree’s Capital Markets services encompass Front Office (sales, trades, market making and repossession); Middle Office (risk management, analytics, feed services, trade and decision support); and Back Office (clearing, settlement, accounting, payment and reconciliation services – cash, trade books, and depository system management and reconciliation).

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