Richard Reichgut to Direct Financial Sector Projects for New York Region

    PORTLAND, Ore. and NEW YORK, July 22 /PRNewswire/ -- Collaborative
Software Initiative (CSI), the company that brings like-minded
organizations together to work on collaborative software at a fraction of
the cost, today announced that Richard Reichgut has been named Director of
Financial Services with responsibility for sales, business development and
channel partners for CSI's financial sector activities.

    Based in New York and reporting to Lori Williams-Peters, Corporate
Development Officer, Mr. Reichgut will direct strategy for financial sector
efforts in the areas of compliance, risk management and market data. Most
recently Mr. Reichgut was a senior financial services industry manager and
developer relations executive at AMD where he was responsible for AMD's
software and microprocessors relating to the financial industry. Mr.
Reichgut was also senior vice president of marketing for New Era of
Networks, which was acquired by Sybase, where he focused on back office
operations, payment systems and operational risk reduction.

    "Wall Street is one of CSI's biggest customers to date," said Stuart
Cohen, CEO. "Our first project was a Web schema and XML document developed
to facilitate FISAP (Financial Institution Self-Assessment Program) SIG
data collection and reporting for some of the largest banks in the world.
There are so many other places in the financial services industry where CSI
can foster collaboration that we needed someone with Richard's expertise
and industry knowledge to lead the charge."

    "Any financial industry project where the benefits of collaboration
outweigh competitive advantage is a perfect opportunity for CSI," Reichgut
said. "IT spending is trending away from the perfunctory towards projects
that generate Alpha, provide differentiation or yield competitive
advantage. There are myriad processes in between that can be standardized,
improved and made more cost effective through a collaborative approach.
This is where I am going to focus my efforts."

    About Collaborative Software Initiative

    Collaborative Software Initiative (CSI) was founded in 2007 by Stuart
Cohen, a veteran IT executive and former chief executive officer at the
Open Source Development Labs. Cohen has partnered with Evan Bauer,
financial services technology veteran and former chief technology officer
at Credit Suisse, to bring together like-minded companies to build software
applications at a fraction of the cost of traditional methods. CSI
introduces a market-changing process that applies open source methodologies
to building Collaborative Software.

    CSI engages the power of community to build project teams and provides
the central project management function for developing Collaborative
Software, including development, testing and ongoing support for the code.
CSI delivers the software to a broader base of customers under the open
source licensing or Software as a Service (Saas) models.

    For applications that don't enable competitive advantage or are
associated with non-value added activities such as compliance, regulatory,
and industry standards, Collaborative Software empowers customer core team
members to provide control and direction over a project while leveraging
the efficiencies of using the same software and reducing costs.



    CSI delivers on this new promise of Collaborative Software -- on time and
on budget.

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