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Follow UsLONDON, UK: Xchanging, a provider in provides procurement, accounting, human resources and technology, today announced that it has signed a contract with SIA-SSB, a European financial and payment systems services, to form an Enterprise Partnership (EP).
As part of this EP, Xchanging has acquired 51 per cent of Kedrios S.p.A. (Kedrios), the Italian subsidiary of SIA-SSB that specializes in securities processing and fund administration services for the Italian market.
With this, Xchanging enters the Italian market, which is the one of the largest outsourcing markets in Europe. Adding to Xchanging’s securities processing and investment account administration platforms in Germany, this Italian market entry positions Xchanging as a pan-European operator for blue-chip financial services organizations, said a press release.
Xchanging has assumed operational control of Kedrios and its 152 employees. Xchanging now employs over 1,300 staff and processes over 40 million transactions per year for more than 100 customers on its Continental European financial markets platforms.
Strategic rationale for the partnership With the addition of Kedrios for funds processing, Xchanging can offer an integrated platform for securities processing, investment account administration and fund administration services and deliver significant economies of scale to customers.
David Andrews, CEO Xchanging said, “This Enterprise Partnership marks a major step forward in our European growth strategy. Italy will be our tenth country of operation. We are delighted to be entering this market with a strong player such as SIA-SSB.”
Massimo Arrighetti, SIA-SSB CEO added, "Xchanging has selected SIA-SSB to enter the Italian market, acknowledging the high reputation that for 33 years has distinguished our company in the financial industry.”
He further added that there is the potential for generating mutual benefits nfrom this partnership. With Xchanging, we share our core values: a proven track record, extensive know-how, quality and reliability of services.