Markit Ltd. (Nasdaq:MRKT), a global provider of financial information services, has tapped Livingstone for its software asset management (SAM) service needs, according to a Markit statement.
Livingstone is an independent provider of SAM services – per the newly launched partnership, Markit will be utilizing the group’s solutions for audit protection, process assessment, and gap analysis support across its suite of operations. Markit’s decision to bolster its risk management initiatives via Livingstone’s services is noteworthy given the recent premium being placed on compliance initiatives in the financial services industry.
Furthermore, Livingstone’s licensing specialists will also be working with internal teams across Markit’s procurement-related activity, i.e. software renewals, true-ups, audits, and IT-related activities. This is slated to include the provision for comprehensive software deployments, server configurations, and technical architecture, among other initiatives.
Livingstone will also be analyzing effective licensing positions (ELP) that constitute a pantheon of licenses held by Markit that will aim to identify areas where there is a gap or overabundance of licensing, which invariably will foster cost reduction and risk mitigation strategies.
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According to Roy Flint, Managing Director of Group Technology Services at Markit, in a recent statement on the selection of Livingstone: “The effective management, control, protection and optimisation of our software assets are key areas of focus. By working with Livingstone to reduce associated risks and enhance compliance, we look forward to improving governance and control of our software estate.”
“Markit is a global firm operating across multiple territories supported by a complex technology infrastructure, and is a perfect example of where we can add significant value to a firm’s SAM function,” added Daniel Simpson, CEO at Livingstone, in an accompanying statement
“We guarantee to deliver quantifiable results in terms of cost savings, improved software licence optimization and productivity gains. Our unique managed service capabilities, underpinned by a team of some of the most experienced SAM specialists in the field, are ideally positioned to assist Markit to quickly achieve its software asset management goals. We are looking forward to getting started,” Simpson added.
Markit Ltd. (Nasdaq:MRKT) recently made headlines after it reported its Q3 2015 financial metrics ending September 30, 2015. For Q3 2015, Markit saw its revenues climb to $277.3 million, up 2.8% YoY from $269.7 million in Q3 2014. Moreover, its year-to-date (YTD) revenues came in at $821.9 million for the first nine months of the fiscal year, which represented a jump of 3.6% YoY from $793.7 million over the same period in 2014.