iGATE has signed an IT managed service deal with financial services firm UBS.
The company did not share financial details of the agreement.
Selection of iGATE will assist UBS to simplify its processes to increase effectiveness and reduce operational risk and cost. The global financial services firm does not share specific details on reduction in cost.
As per the deal, UBS will migrate towards a managed service for instrument reference data mastering across all asset classes, operated by iGATE. At present, UBS has a landscape with multiple technology systems and operations across multiple vendors supporting instrument reference data management.
iGATE will consolidate multiple technology systems onto the Markit Enterprise Data Management platform and transform the operations using its iTOPS framework.
Benefits for UBS include improved standardisation, reduced risk, operational complexity and cost, said iGATE in a statement.
Derek Kemp, executive vice president and head of EMEA region, iGATE, said that the deal with UBS marks a significant milestone for iGATE’s Business Outcomes model and furthers the company’s aim of shifting the industry from an effort-based business model to an outcomes-driven one.
UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 35 percent of its employees working in the Americas, 36 percent in Switzerland, 17 percent in the rest of Europe, the Middle East and Africa and 12 percent in Asia Pacific. UBS employs about 62,000 people around the world.