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Thursday, August 07, 2008

Headstrong Hires Former Freddie Mac's Employee

More than 40 specialized personnel to reinforce Headstrong’s Platform Centers of Excellence

Headstrong, a global consultancy, announced the hiring of Noreen Iles and other key former leaders of Freddie Mac’s specialized Technology Solutions Unit. The assimilation of a number of the TSU’s Eagle Investment and Misys Summit Debt & Derivative systems delivery team enhances Headstrong’s strategy of building Platform Centers of Excellence in key financial software instruments to meet high market demand for domain-focused capabilities.

The acquisition adds depth, expertise, and new services, particularly in Eagle and Summit software solutions, to Headstrong, while building upon the company’s capability in providing end-to-end solutions to financial services clients. In particular, it reinforces the company’s talent pool by adding more than 40 differentiated experts in investment accounting portfolio and debt & derivatives portfolio systems implementations.

“Noreen and her team are a great fit with Headstrong’s focus on financial services and Platform Centers of Excellence. They will strengthen the current P-CoE to cater to all front, middle and back office applications,” said Arjun Malhotra, Chairman and CEO of Headstrong. “Headstrong’s focus has been on providing domain-led IT services to Capital Markets and today we are recognized as one of the key players in this area.”

“Our growth related investments will continue to focus on building our expertise and domain differentiators,” Malhotra added.

The TSU’s proven expertise in the Eagle investment system, the Summit debt & derivative system, Pega Systems and automated underwriting capabilities for mortgage processes, combined with Headstrong’s solid financial services consulting practice, will provide customers with the leading technology and services available in the market today.

The team, led by Noreen Iles, maintains a 10-year plus working relationship, with extensive experience in providing IT solutions to the financial services, e-commerce, and retail industries. Iles, who has led successful completion of large, multi-year projects at Freddie Mac, will continue to manage the Chicago-based near-shore center for Headstrong. She is a recognized technical expert and corporate leader, and is a “Women in Technology International Leadership in IT” award recipient.

“We are excited to be part of Headstrong,” Iles stated. “Our key strengths and capabilities and commitment to client service complement each other and now we have a more complete value proposition.”

“By combining our vast experience in portfolio accounting systems in software implementation projects with Headstrong’s domain-led distributed delivery model, we should have a strong offering to serve our clients and grow the business,” she explained.

Eagle serves many of the world’s most prominent financial institutions, integrating and streamlining the investment process in support of achieving improved business efficiencies with its web-based solutions. Summit, a recognized market leader with a 14-year market experience, combines rules-based workflow and real-time trade processing with its sophisticated trader tools and risk management.

Headstrong currently maintains and develops platform centers of excellence in established financial services and Business Intelligence technology solutions, including Netezza, Calypso, etc, and with Eagle and Summit now added to its P-CoE portfolio.

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About Headstrong:

Headstrong, a leading software consulting company providing solutions to the financial services industry with focus on capital markets and securities, works with the foremost global investment banks, regional banks, asset managers and Exchanges. Headstrong provides innovative solutions in complex production environment across Credit Derivatives, Fixed Income, Marketplaces, Mortgages, Securities Financing, and Wealth Management. Headstrong combines robust methodologies, prototypes and reusable components with its global engagement footprint and seamless distributed delivery model. The company’s Platform Centers of Excellence (P-CoE) spearhead the creation of offerings for large multi-year managed programs and development of significant capabilities in selected ISV platforms that leverage Headstrong’s deep capital markets domain knowledge.

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