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Xignite Web Service Powers Innovative Solution for Corporate Split-Off Transactions

Xignite

XigniteSplitOff Accurately Prices Multi-Billion Dollar Split-Off Transactions Via Custom Investor Websites

SAN MATEO, Calif. April 17, 2007--Xignite, the leading pure-play provider of financial web services for mission-critical corporate applications, today announced the availability of XigniteSplitOff, a complete solution that delivers live stock market data to web applications to power corporate split-off transactions and investor communication.The successful completion of a split-off transaction requires accurate and timely calculations of daily "volume-weighted average prices" (VWAP) during the offer period based on the parent’s and the subsidiary’s traded shares. Precise daily VWAP data is critical in determining the exchange ratio used to finalize the terms of the exchange offer.

Companies such as McDonald's and Halliburton have recently used XigniteSplitOff to accurately price and execute complex, multi-billion dollar split-off transactions, and then to seamlessly update the posting of transaction terms on web sites that are launched specifically to support investor communication.

"A corporate split-off is a complex event where much occurs within a short period of time," said Stephane Dubois, CEO of Xignite. "Corporate IR teams just don't have the time to build an effective web site and worry about the accuracy of the data they will provide investors. XigniteSplitOff takes this whole burden off their shoulders. XigniteSplitoff is designed for use in any financial transaction to ensure flawless compliance at an affordable rate and with little development effort. Our work with recent customers on strategic, high profile transactions demonstrates our ability to get this solution up and running in a matter of days. These high value web services can make an entire organization more nimble in the face of tight schedules and technical mandates."

XigniteSplitOff provides a SEC regulatory-compliant method to disclose the final split-off transaction terms in a timely and cost effective manner, providing both individual and institutional investors equal access to that information from a custom investor web site. The solution dramatically reduces the burden on corporate finance and investor relations teams to master complex VWAP calculations and then to explain transaction mechanics to investors.

XigniteSplitOff provides substantial benefits for corporations undertaking split-off transactions. Among the major benefits of this solution:

  • A customized and hosted web site providing complete information on the terms of the split-off;
  • Flexible exchange offer and valuation periods for the purpose of calculating the exchange ratio;
  • Customized calculation of the indicative exchange ratios using Xignite’s accurate daily VWAP data;
  • Automated calculation of the final exchange ratio and display of the final offer terms instantaneously upon the offer's expiration;
  • Archiving of the web site information for easy compliance with SEC regulations;
  • Comprehensive monitoring, tracking, and reporting of site activity.

Regulatory compliance mandates -- such as SEC requirements for information transparency and equal information access for different investor classes -- add layers of complexity to these mission-critical transactions. By choosing an on-demand web service from pure-play provider Xignite, public companies and their investment bankers are able to provide full, public disclosure of price and exchange ratio calculations to reduce the risk of SEC scrutiny of possible price manipulation.A corporate split-off is a type of corporate reorganization whereby a parent will split-off its interest in a subsidiary by offering existing shareholders stock in the subsidiary in exchange for the parent's stock. Corporate split-offs are becoming increasingly popular for publicly traded companies today due to the tax advantages they provide over straight sales. The most effective way to communicate transaction information in the Internet Age is by posting the final offer terms on a widely publicized web site.

Xignite has a completely open, self-service distribution model, offering online registration and subscription with transparent pricing. Everything a developer needs is available directly from the web site – including an integrated data model, sample code, extensive documentation, free downloads, demonstrations, online support, and more. All Xignite web services are available by flexible monthly or annual subscription, packaged with online support.

About Xignite

Xignite (pronounced "x-ignite") is the leading pure-play provider of financial web services for mission-critical corporate applications. As a pioneer in the field, Xignite offers the broadest integrated suite of financial web services available today on an on-demand platform, with more than 35 solutions covering market quotes, news, corporate data, industry information, analytics, tools and more. Xignite powers mission-critical applications for portfolio management, sales management, trading, investor relations, corporate portals, executive dashboards, analytical engines and more. Xignite serves more than 220 clients, including Ameriquest, GE Commercial Finance, Goodyear, ING, McDonald's, Marsh & McLennan, Starbucks, and Wendy's. For more information, please visit www.Xignite.com.

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Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, today revealed the results of its collaboration with StockCharts, a leading technical analysis and financial charting platform for online retail investors. The collaboration involved a move from an on-premise market data provider to Xignite’s cloud-native technology hosted in Amazon Web Services (AWS). Download the case study containing the full results.

StockCharts requires vast quantities of financial data to power its visualization, charting and tracking tools, which investors use to analyze the markets to help with investment decisions. The company was frustrated by the limits of its on-premise market data center, which was forcing the team to make architectural decisions based on what its data center could handle in terms of speed and storage, not on their technology. Its previous market data provider was just starting to build out some cloud offerings, but they were far away from what the business required. StockCharts decided to migrate its infrastructure to the AWS cloud and partner with Xignite to gain access to endlessly scalable market and financial data delivered through innovative cloud APIs.

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The pandemic provided further validation. Seattle-based StockCharts was in one of the first areas hit by COVID-19 and was forced to quickly shut down its office. Pandemic-driven market volatility followed and StockCharts customers wanted to visualize what was happening. The company’s ability to scale quickly and accommodate a high volume of new requests would not have been possible without Xignite.

“The move to the AWS cloud and Xignite has unlocked tremendous new potential for us in a lot of architectural ways, and has given us a lot of data options that we could not even consider before,” said Grayson Roze, Vice President of Operations at StockCharts. “It relieved us of the burden of figuring out how to source things. Instead, we know exactly where we need to go to get the data and can access it instantly. That is a huge, huge benefit for our business.”

“We are proud to have played a role in transforming how StockCharts approaches data,” said Stephane Dubois, CEO and Founder of Xignite. “The events of this year unleashed a massive spike in retail trading and a host of other unexpected forces that reinforced the need for financial services firms to leverage the cloud. Despite the disruption of this year, StockCharts was positioned for success, and we look forward to continuing to deliver our financial and market data solutions to the industry at large.”

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