CALGARY, Dec. 27, 2017 /CNW/ - Solium Capital Inc. ("Solium" or the "Company") (TSX: SUM), the leading global provider of software-as-a-service (SaaS) for equity administration, financial reporting and compliance, today announced that it has successfully migrated the initial customers of Morgan Stanley Global Stock Plan Services ("Morgan Stanley") and UBS Financial Services Inc. ("UBS") onto the respective versions of Shareworks.
Morgan Stanley and UBS are now actively using the Shareworks platform. Both Morgan Stanley and UBS will continue to service their clients directly with their own teams as they have historically, while utilizing the most advanced stock plan platform in the industry.
"When we entered into the agreements with Morgan Stanley and UBS to support their customers, we set a milestone of completing the initial conversions by the end of 2017", said Marcos Lopez, Solium's Chief Executive Officer. "This required a substantial investment in the hiring and on-boarding of new staff and a coordinated effort to link into the internal systems of both Morgan Stanley and UBS. Successfully migrating these first customers for our partners is an important accomplishment, and we are incredibly proud of the teams that were involved who worked together to make this happen."
The agreements with both Morgan Stanley and UBS allow for expanded technology investment in the Shareworks platform, accelerating Solium's Shareworks product road-map and extending its technology lead in the marketplace. Executing on these agreements requires a material up-front investment by Solium that will continue through 2018 and into 2019. "The requirements of our clients and complexities of delivering to the needs of the global stock plan administration market continue to increase, and we believe that a continued focus and investment in the capability of Shareworks will ensure that we will be able to deliver the most comprehensive solution to the market for our partners and our direct customers", added Marcos Lopez.
About Solium Capital Inc.
Solium provides cloud-enabled services for global equity administration, financial reporting and compliance. From offices in the United States, Canada, the United Kingdom, Europe and Australia, our innovative SaaS technology powers share plan administration and equity transactions for more than 3,000 corporate clients with employee participants in more than 100 countries. Follow us @Solium and visit us at solium.com.
Certain statements included or incorporated by reference in this press release constitute forward-looking statements or forward-looking information under applicable securities legislation. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "will", "plan", "intend", "estimate", "propose", or similar words suggesting future outcomes or statements regarding an outlook. Specific forward-looking statements in this press release include statements with respect to: planned future investments by Solium in connection with the Morgan Stanley and UBS agreements; future investment in the capability of Shareworks; the expected profitability of Solium; and Solium's future position in the marketplace. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect, including assumptions with respect to: the ability of Solium to finance future investments in connection with the Morgan Stanley and UBS agreements and the capability of Shareworks; the ability of Solium to identify, hire, train, motivate and retain qualified personnel; the ability of Solium to efficiently and profitably scale development of the Shareworks platform; research and development costs; Solium's ability to maintain or adequately forecast revenue from and costs of its products and services; and the competitive environment in which the Company operates. Although Solium believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements or information because Solium can give no assurance that such expectations will prove to be correct. The forward-looking statements and information are based on Solium's current expectations, estimates and projections, and are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including development costs, general business and economic conditions, actions of competitors and partners, the regulatory environment and product capability and acceptance. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
SOURCE Solium Capital Inc.
For further information: Investor Relations Contact: NATIONAL Equicom, Heidi Christensen Brown, [email protected], 416.848.1389