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| Exponªnt Wins Conversion Contract from European Securities Specialists, KAS Bank, Worth R 5-Million |
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| JOHANNESBURG, SOUTH AFRICA and AMSTERDAM, NETHERLANDS, - Exponªnt, the systems integration consultancy formerly known as Brainware Consulting, has been awarded an offshore code conversion contract by KAS Bank (formerly KAS-Associatie), a specialised European Investment Bank providing securities services, valued at R5.5 million. |
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Listed on the Dutch stock exchange and focusing largely on the United Kingdom, Germany, France and Belgium, KAS Bank offers financial and administrative services relating to securities and funds transfer for investors and financial institutions on the stock exchanges in the European market. The company employs advanced information technology and the Internet to provide information to its investors. |
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Jan Smit, Offshore Executive at Exponªnt, explains the contract: "KAS Bank's infrastructure is built on a mainframe running MVS. Many of the bank's applications are developed in Cobol and need to be ported to Adabas Natural. Exponªnt has been appointed to execute the conversion of banking application systems from Cobol to Adabas Natural over a two-year period." |
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| According to Smit, the major reason that companies outsource projects of this nature is the reduction in costs that can be achieved. He explains, "For such high priority projects, it is far more cost-effective for companies to appoint an external organisation to complete the work. The development time can be shortened, particularly if the customer does not have the necessary skills in-house to complete the project." |
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He continues, "South African companies are internationally renowned for their excellent technical skills, with the added advantage of being English-speaking. In addition, our pricing is also very competitive." |
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Exponªnt has four people working on this contract full-time in South Africa. They are connected directly to KAS Bank's infrastructure in Amsterdam via a virtual private network (VPN) over the Internet. |
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Exponªnt is also currently negotiating a three-year technical maintenance contract for KAS Bank's financial systems valued at approximately R8.5 million. This is expected to be finalised in mid-2002. |
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For further information, contact:
Jan Smit Offshore Executive at Exponªnt
Tel: (012) 663 0100 E-mail: jsmit@Exponant.com
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