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CATEX Forms Strategic Alliance with SAIC for Resources to Meet Increased Order Levels
Under the alliance SAIC will provide high quality resources to CATEX to enable increased growth and meet the demand of the expanding CATEX client base. SAIC's position as one of the world's largest technology companies and a leader in Internet security complement requirements demanded by CATEX clients. SAIC will immediately begin to work with CATEX to integrate CATEX designed proprietary systems and CATEX Transaction Control, Clearing, and Settlement System with clients' enterprise systems. Integration of the landmark CATEX designed Clearing system is to be achieved with legacy systems using XML technology.
The new relationship expands an eight-year relationship between the two companies that includes an equity stake in CATEX, which is owned by the SAIC Venture Capital Corporation, a wholly owned subsidiary of SAIC. The two companies have worked closely in the past designing and building complex trading systems for the global reinsurance industry.
As part of the alliance the companies will target brokers, markets and risk managers throughout the world to offer access to the CATEX designed Clearing and Settlement System. This system will enable companies to efficiently manage their accounts on line. Premium and claims information can be viewed by transacting parties such as risk managers, underwriters, agents and brokers in real time. The system may be used in conjunction with CATEX transactions or licensed independently.
SAIC will also maintain a team of dedicated professionals trained specifically on CATEX technology based at a newly opened SAIC office in Princeton, N.J., near the CATEX main office.
"We are very pleased to be formally joined with SAIC in a technology sense," said Frank Fortunato, CATEX CEO. "SAIC and CATEX have worked closely now for nearly a decade and their global presence, in over 60 countries, means we can reach our customers at their own offices anywhere in the world very quickly," continued Fortunato.
"This is a perfect fit for SAIC. Combining our experience in security and integrating very large and complex systems with CATEX's profound knowledge of and experience in the industry will deliver unprecedented value to CATEX clients -many of which are among the largest companies in the world." said Harold D. Lester, Corporate Vice President, SAIC.
About CATEX
CATEX provides the technology that drives the largest, interconnected market for the reinsurance and commercial insurance industry in the world and has over 240 subscribing companies. CATEX provides technology solutions to its clients including several award -winning systems to major markets and brokers. Individual "Cross-Domains", or company specific versions of the CATEX system, have been implemented by a number of subscribers. CATEX is licensed by the New York Insurance Department as a reinsurance intermediary that acts in a neutral capacity. More information about CATEX can be found at www.catex.com.
About SAIC
SAIC is the nation's largest employee-owned research and engineering company, providing information technology, systems integration and eBusiness products and services to commercial and government customers. SAIC engineers and scientists work to solve complex technical problems in telecommunications, national security, health care, transportation, energy, the environment and financial services. With annual revenues of $5.9 billion, SAIC and its subsidiaries, including Telcordia Technologies, have more than 41,000 employees at offices in more than 150 cities worldwide. More information about SAIC can be found on the Internet at www.saic.com.