Newton Investment Management Selects Redi2 Revenue Manager
Newton recognizes Redi2 Revenue Manager as the premier fee billing solution in the industry. The projected efficiencies gained by upgrading the automation of revenue management and fee billing processes to be significant.
Oakland, Calif. (PRWEB) August 22, 2005 -- Redi2 Technologies, Inc. today
announced it has entered into an agreement to license its premier fee billing
product, Redi2 Revenue Manager, to Newton Investment Management, a UK-based
asset management subsidiary of Mellon Financial Corporation (NYSE:MEL).
Under the terms of the agreement, Newton will license Revenue Manager to
automate billing and other revenue management operations.
Redi2 Revenue
Manager is a billing and revenue accounting system used to calculate a broad
range of complex fee types including performance fees; to securely manage and
audit-trail the invoice generation and approval process; to create management
reports on billing and accrual data; to manage the accrual generation, approval,
and reconciliation process; and to post summarized and/or detailed fee records
to GL/AR systems.
"We are very excited about this new relationship with
Newton Investment Management," said Seth Johnson, CEO of Redi2 Technologies.
"Newton is a leading asset manager in the UK. We are working together to ensure
that Revenue Manager can easily handle the needs of any UK-based investment
management company, especially the stringent value-added tax (VAT)
requirements."
"After evaluating the functionality and technology
platforms available in the marketplace, it was clear that Revenue Manager was
the right choice for us," said Andrew Downs, Chief Operating Officer of Newton
Investment Management. "Redi2 has extensive experience with enterprise fee
billing systems for large investment managers, and they quickly gained our trust
as a vendor-partner. It was imperative we chose a fee billing system on the
vanguard of the industry, and one that is already in production at other
investment management companies."
Key factors in Newton's decision to
move forward with Redi2 Technologies included Redi2's sophisticated
Straight-Through-Processing (STP) workflow engine, Redi2's ability to integrate
Revenue Manager with Newton's other systems for automated processing and
reporting purposes, and Redi2's efficiency in evaluating Newton's needs.
"Newton's commitment in scanning the market to identify the right
revenue management solution was very impressive. It is a significant win for
Redi2 to be recognized as the superior solution," said Dan Inamoto - Redi2's
Professional Services Manager. "It is a great experience working with the
highly-capable individuals at Newton. Our Business Requirements and
Implementation Planning phase enabled us to quickly understand Newton's
requirements, and now we look forward to a successful implementation towards the
end of the year."
About Newton Investment Management:
Newton
Investment Management Limited is a London-based UK asset management subsidiary
of Mellon Financial Corporation. With assets under management of almost 25
billion GBP, the company provides a broad range of award-winning investment
products and services to individuals, pension funds, charities and corporations.
Newton has operations in London, Edinburgh, Leeds and Jersey. News and other
information about Newton is available at www.newton.co.uk.
About
Mellon Financial Corporation:
Mellon Financial Corporation is a global
financial services company. Headquartered in Pittsburgh, Mellon is one of the
world's leading providers of financial services for institutions, corporations
and high net worth individuals, providing institutional asset management, mutual
funds, private wealth management, asset servicing, payment solutions and
investor services, and treasury services. Mellon has more than $4.1 trillion in
assets under management, administration or custody, including $738 billion under
management. Its asset management companies include The Dreyfus Corporation and
U.K.-based Newton Investment Management Limited. News and other information
about Mellon is available at www.mellon.com.
About Redi2 Technologies, Inc.:
An
investment management software products and services company headquartered in
Oakland, Calif., Redi2 Technologies, Inc. is a premier provider of fee billing
and revenue management solutions to institutional investment, private wealth,
custody and general asset management firms. Asset management firms implement
Redi2 Revenue Manager to improve cash flow, reduce global operating costs,
improve client service and advance compliance initiatives. Redi2 Revenue Manager
4.0 can be deployed on Oracle, Sybase, MS-SQL Server, and IBM DB2 relational
database platforms, and Sun Solaris, IBM AIX, HP-UX, MS Windows Server, and
Linux operating systems. News and other information about Redi2 is available at
www.redi2.com.
Press Contact:
Emily Eliason
Redi2 Technologies,
Inc.
510-550-7334 ext. 4
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Source : http://www.prweb.com/releases/2005/8/prweb274993.htm