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GlobeNet Technologies and BearingPoint form a Strategic Partnership in Incentive Compensation for Insurance and Financial Services
Las Vegas, NV, May 22, 2006 — GlobeNet Technologies, Inc., a leading Enterprise Incentive Management (EIM) firm, and BearingPoint, Inc., one of the world's largest management and technology consulting firms, announced today that the two companies will collaborate to focus on Incentive Compensation Solutions for Insurance and Financial Services. GlobeNet and BearingPoint will be working together to help insurers and other financial institutions address the modernization of their aging legacy systems in a marketplace that puts new pressure on distribution channels. GlobeNet's flagship product, the FireStorm? Compensation Suite, is a powerful tool that these companies can use as they turn their attention to their most valuable asset: their distribution channel. The Firestorm Compensation Suite has been newly released in ASP.Net 2.0
GlobeNet's President and Founder Damian Kuolt knows what it is like for a product company to be torn between using limited resources for implementing now or building for the future. "No matter how innovative our solution – and we are seeing growing interest from insurers for our unique approach to blending Incentive Compensation with Producer Relationship Management – it is only as good as the ability to integrate with the complex legacy environments found in Fortune 1000 companies. With BearingPoint we can focus on continuing to make FireStorm the leading product of its type, knowing that implementation resources and industry knowledge that BearingPoint has will not be in short supply."
"BearingPoint has experienced strong growth in the insurance arena because we understand what the marketplace needs and can deliver the capabilities to make a difference," said Paul McDonnell, Senior Vice President of BearingPoint's North American Insurance Practice. "Working together with GlobeNet, we can help insurers deal with industry issues that range from aligning distribution channels with company goals through business planning and incentives to integrating legacy systems, creating a single ‘data repository' for agency administration, and capturing business-critical transaction data for incentive programs."
"GlobeNet is a valued Insurance Value Chain partner and we are pleased the company supports the effort to develop straight-through processing in insurance," said Kevin Kelly, managing director, Microsoft U.S. insurance industry. "The FireStorm Compensation Suite is a solution that is changing the experience of insurers, bringing together fragmented processes that are currently scattered among dozens of legacy systems into one, comprehensive incentive compensation and producer relationship management system. FireStorm, built on a Microsoft .NET platform, leverages SOA interfaces with legacy systems and integrates well with other Microsoft technologies."
About GlobeNet Technologies, Inc.
GlobeNet Technologies, Inc. is one of the leading Enterprise Incentive Management (EIM) firms, also known as Incentive Compensation Management, serving Global 2000 companies, as well as small to medium-sized businesses, who have specialized incentive compensation needs. GlobeNet provides software that combines the functional areas of Agency Administration, Licensing and Business Planning with Incentive Compensation into a comprehensive Producer Relationship Management solution. Their FireStorm product suite is an end-to-end enterprise solution, designed to eliminate custom code associated with marketing, channel and compensation plan changes and evolution. Based in Scottsdale, AZ, GlobeNet has served over a hundred clients in numerous verticals, and is now focusing on the Financial Services and Insurance, Healthcare, Retail Distribution and Technology sectors.
For more information, please send an email to:
info@globenettech.com,
or visit our website: www.globenettech.com
About BearingPoint, Inc.
BearingPoint, Inc. (NYSE:BE) is one of the world's largest business consulting, systems integration and managed services firms serving government agencies, Global 2000 companies, medium-sized businesses and other organizations. We provide business and technology strategy, systems design, architecture, applications implementation, network infrastructure, systems integration and managed services. Our service offerings are designed to help our clients generate revenue, reduce costs and access the information necessary to operate their business on a timely basis. Based in McLean, Va., BearingPoint has been named by Fortune as one of America's Most Admired Companies in the computer and data services sector. For more information, visit the Company's website at www.BearingPoint.com.
Contact:
John La Place
BearingPoint, Inc.
john.laplace@bearingpoint.com
(212) 896-6213
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