UST GLOBAL AND BOARDWALKTECH ENTER INTO TEAMING AGREEMENT

Rhea-AI Summary

Boardwalktech Software Corp. and UST have announced a teaming agreement focused on the banking and financial services sector. UST will provide consulting and professional services to promote Boardwalktech's Velocity product. Velocity helps financial institutions convert Excel and Access-based environments into compliant, auditable, and scalable solutions. According to users, Velocity demonstrates a 10x improvement in performance and cost efficiency compared to other solutions. This partnership aims to enhance process execution, analytics, risk, and compliance, especially under increasing regulatory scrutiny.

Positive

• Boardwalktech and UST's partnership targets the lucrative financial services sector.
• Velocity product offers a 10x superior performance in deployment and remediation costs.
• Velocity transforms Excel and Access-based environments into compliant and auditable platforms.
• Enhanced auditability, governance, and secure data access features in Velocity.
• UST's extensive experience in digital transformation benefits Boardwalktech's market reach.

Negative

• No immediate financial impact or revenue projections disclosed.
• Potential challenges in integrating Velocity into existing financial systems.
• Dependency on UST's consulting and professional services for market penetration.

Focus expansion for the Boardwalk Velocity Product into Financial Services Sector  

CUPERTINO, Calif., June 10, 2024 /PRNewswire/ - (TSXV: BWLK) (OTCQB: BWLKF) - Boardwalktech Software Corp. ("Boardwalktech" or the "Company"), a leading digital ledger platform and enterprise software solutions company, and  UST,  a leading digital transformation solutions company with operations in more than 30 countries and over 33,000 employees, are pleased to announce that the companies have entered into a teaming agreement with a shared focus on the banking and financial services industry.

Under the terms of the agreement, UST will provide introductions, consulting, and professional services in the banking and financial services market for Boardwalktech's Velocity product. Velocity provides a platform for financial institutions, hedge funds, and private equity firms of all sizes, to rapidly remediate and transform their Excel and Access based End User Computing ("EUC") environments into a compliant, auditable, and scalable solution.

"UST is one of the most experienced and knowledgeable firms focused on digital transformation in the banking and financial services industry. We are honored to be teaming with UST to deploy the Boardwalk Velocity and Unity Central solutions with a focus on process execution improvement, analytics, risk and compliance for large global financial instutiutions, private equity firms, and hedge funds, " said Andrew T. Duncan, CEO of Boardwalktech.

"We are thrilled to partner with Boardwalktech to provide comprehensive end-to-end professional services and focus on joint go-to-market solutions that create value for our clients. UST seeks to collaborate with visionary leaders like Boardwalktech to forge collective transformative strategies and solutions that empower clients to overcome pressing business challenges. At a time when regulatory scrutiny is increasing and more stringent compliance measures are being implemented, UST is helping firms navigate these uncertainties by adopting cutting-edge technologies such as digital ledgers as well as adopting partnerships that help improve controls by providing real-time monitoring and also strengthen compliance across the entire enterprise," said Maureen Doyle-Spare, Head of Banking & Financial Services, UST. 

According to IT partners and financial services customers using Velcoity, they have reported a 10x superior perfomance (in terms of time to deploy and cost to remdiate mid and highly complex EUCs) versus alternative software soltuions currently available in the market.  Poorly integrated and non-compliant EUCs pose a massive risk managment and compliance issue for banks.  Financial institutions utilize thousands of Excel and Access based EUC's for financial and performance models along with reporting trackers that must be transformed into an environment to mitigate and manage captial risk, while being compliant with OCC and Dodd-Frank risk modeling requirements. By leveraging Velocity's unique data architecture, financial institutions can rapidly transformed these EUCs can be onto a compliant  managed database platform. These tranformations can be completed faster than with minimal impact to the end users day-to-day operations, all while preserving user reliance on the Excel experience and their existing EUCs. 

Velocity has an innovative and patented capability to convert Excel data and models into a a full three-tier application stack by absorbing the Excel data/model. Velocity then allows the end user to interact with the data using an innovative "Excel Browser" feature. This feature ensures secure data access by dynamically downloading access-controlled data upon authentication, then wipes the data clean from Excel memory upon closing the file, thus eliminating the security risk associated with Excel. Velocity supports cell, row, column, grid, and workbook-level auditability. It can also capture the auditability of approvals and workflow notifications. These improved auditability, operational and governance features allows financial services firms and banks to continue to use Excel while moving these EUC's into a compliant secure auditable environment.

About Boardwalktech Software Corp.

Boardwalktech has developed a patented Digital Ledger Technology Platform currently used by Fortune 500 companies running mission-critical applications worldwide. Boardwalktech's digital ledger technology and its unique method of managing vast amounts of structured and unstructured data is the only platform on the market today where multiple parties can effectively work on the same data simultaneously while preserving the fidelity and provenance of the data. Boardwalktech can deliver collaborative, purpose-built enterprise information management applications on any device or user interface with full integration with enterprise systems of record in a fraction of the time it takes other non-digital ledger technology-based platforms. Boardwalktech is headquartered in Cupertino, California with offices in India and operations in North America. For more information on Boardwalktech, visit our website at www.boardwalktech.com.

About UST Global

For more than 24 years, UST has worked with the world's best companies to make a real impact through transformation. Powered by technology, inspired by people, and led by our purpose, we partner with our clients from design to operation. Through our nimble approach, we identify their core challenges and craft disruptive solutions that bring their vision to life. With deep domain expertise and a future-proof philosophy, we embed innovation and agility into our clients' organizations, delivering measurable value and lasting change across industries and worldwide. Together, with over 30,000 employees in 30+ countries, we build for boundless impact-touching billions of lives in the process. Visit us at www.UST.com

Media Contacts, UST:

Tinu Cherian Abraham
+1 (949) 415-9857

Merrick Laravea
+1 (949) 416-6212

Neha Misri
+91-9284726602

Roshni Das K
+91 7736795557

media.relations@ust.com

Media Contacts, U.S.:

S&C PR
+1-646.941.9139
media@scprgroup.com

Makovsky
ust@makovsky.com

Media Contacts, U.K.:

FTI Consulting
UST@fticonsulting.com

Forward-Looking Information and Statements

This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking information and statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved".

By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements.

An investment in securities of the Company is speculative and subject to several risks including, without limitation, the risks discussed under the heading "Risk Factors" in the Company's filing statement dated May 30, 2018. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

In connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE BoardwalkTech

FAQ

What is the focus of the teaming agreement between Boardwalktech and UST?

The teaming agreement focuses on expanding Boardwalktech's Velocity product into the banking and financial services sector.

How does Boardwalktech's Velocity product benefit financial institutions?

Velocity helps financial institutions convert Excel and Access-based environments into compliant, auditable, and scalable solutions, offering a 10x improvement in performance and cost efficiency.

When was the teaming agreement between Boardwalktech and UST announced?

The agreement was announced on June 10, 2024.

What services will UST provide under the agreement with Boardwalktech?

UST will provide introductions, consulting, and professional services in the banking and financial services market.

What are some key features of Boardwalktech's Velocity product?

Key features include compliance, auditability, rapid transformation of EUC environments, secure data access, and extensive governance capabilities.