Wall Street Systems Take 100% Ownership Of Outsourcing JV
Technology vendor Wall Street Systems has agreed with Deutsche Bank to acquire their 50% interest in the outsourcing venture SOCX (Settlement & Operations Clearing eXchange). The deal will give Wall Street Systems complete ownership of the company. Launched as a joint venture between Wall Street Systems and Deutsche Bank in 2001, SOCX provides processing, settlement and clearing services across a broad range of financial products. ‘This acquisition positions Wall Street Systems to address the growing outsourcing market and underpins our business plan and strategy to offer clients the broadest range of proven technical and operational solutions,’ said Steve Middlehurst, chief operating officer at Wall Street Systems. ‘Wall Street Systems remains fully committed to SOCX, and is extremely positive about the business outlook going forward. SOCX offers a unique and successful value proposition – enabling banks to make dramatic cost savings and increased efficiency in transaction processing,’ said Mike Thrower, marketing director for Wall Street Systems.