San Francisco, Calif. — Exigen announced today that it has signed a five-year agreement to provide application management services to Prudential Securities, Inc. an affiliate of Prudential Financial, Inc. [NYSE:PRU]. The contract includes production support, maintenance and development for a set of back-office brokerage applications. Exigen will oversee the cash management application that processes Prudential's daily trading activity.
Exigen will provide the services from its New Jersey-based Integration Center, New Brunswick, Canada-based Operations Center, and Eastern European technology development offices. In order to support the mission-critical nature of customer systems, Exigen provides contingency and recovery services managed from four separate countries around the world. The technical and cultural talents from these various locations allow Exigen to assemble the best-fit team for its customer's application management needs. The Application Management Service is one solution that Exigen provides to reduce the total cost of operations for services companies.
"Exigen's global reach will be critical to supporting several 24x7 components of our back-office systems. Our agreement with Exigen allows us to focus on the development of strategic technology assets to enhance our core business strengths," said Bella Loykhter, CIO at Prudential Securities.
"Helping customers reduce their total cost of operations requires a blend of different strategies, for instance the use of best-cost labor for operations like IT," said Alex Poberezhsky, Exigen's General Manager for Outsourcing Services. "For demanding customers like Prudential, seeking the lowest cost is not just a short term decision."
This initial contract is for a five-year period, and encompasses support for systems that span mainframe and distributed computing technology.
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