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Gemstone announces deals with Wall Street Banks
By siliconindia
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Saturday, 17 May 2008, 01:50 IST
Bangalore: GemStone Systems, a provider of distributed data management and virtualization solutions, has announced that three of the top ten Wall Street Banks have selected GemStone Systems as their single provider of distributed data management technology in the last 90 days. Each is a seven figure enterprise license deal with a multi-year commitment to deploy GemFire, GemStone's Enterprise Data Fabric product, on 1000s of nodes, running hundreds of applications, managing terabytes of data across geographically dispersed data centers.
These customer wins showcase a cultural shift by top financial firms toward selecting and standardizing on a single vendor that provide solutions, enterprise deployment support expertise and agile technology to meet the usage demands and wider-scale adoption of data fabric technology in capital markets.
As banks begin migrating from more modest, single-project oriented deployments toward wide-scale adoption, they are choosing to deploy solutions and services to support their enterprise requirements across business units. This shift in deployment practices recognizes the maturing of the technology and its proven ability to support a wide range of applications across front, middle and back office operations.
In many of the banks, this decision and selection process has been supported by a rigorous competitive evaluation process and extensive proof of concept (POC) testing of various infrastructure technology vendors.
"Over the last six to nine months, we have seen a marked increase in activity from Wall Street in demanding these POC?s to validate their assertion that a single-vendor provider option is right for them," said Raj Kulkarni, chief operating officer and founder of GemStone Systems.