Xchanging moves into Italy

Business process outsourcing specialist Xchanging is to enter the Italian market via an enterprise partnershop with SIA-SSB, the payment services firm.Under the terms of the partnership Xchanging will acquire 51% of Kedrios, an Italian subsidiary of SIA-SSB, that specialises in securities processing and fund administration services for the Italian market. Xchanging will assume operational control of Kedrios and its 152 employees. In addition, SIA-SSB and Xchanging are assessing the possibility of exploiting Xchanging's pan-European expertise in procurement services. The enterprise partnership with SIA-SSB also provides a great opportunity for Xchanging to further develop its strategic 10% investment in CAD IT, the leading securities processing software provider in Italy with about 80% market share.Xchanging said CAD IT could become the software-provider for the new partnership. "We have built a strong position in the securities processing and investment account administration markets in Germany and expanded procurement operations in France, Germany, Spain and the Benelux. This new partnership leverages our successful platforms and gives us future opportunities for growth in the region," said Xchanging's chief executive officer David Andrews.