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Collaborative Software Initiative Hires Senior AMD Financial Services Industry Executive

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.

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. Media Contacts: East Coast West Coast Steph Johnson Kyle Peterson Page One PR Page One PR O: 212-410-2254 O: 415-321-2349 M: 917-805-6925 M: 626-484-6685 Steph@pageonepr.com kyle@pageonepr.com

SOURCE Collaborative Software Initiative

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