Koscom, a leading financial IT solution provider announced and KVH Co. Ltd., Japan's leading information delivery platform providing integrated cloud and network solutions announced today that they have signed an agreement on a strategic alliance to jointly provide IT solutions to the global financial community.
Under the agreement, the two companies will offer a wide range of IT solutions including network and data center services for high-speed electronic trading, Disaster Recovery (DR), and Business Continuity Plan (BCP) at new Koscom Pusan data center for global and local customers in Korea and Japan as well as other key financial centers in Asia, the United States, and Europe.
As the first step in their partnership, the two companies will offer ultra low-latency connectivity from overseas financial centers to Seoul and Pusan through interconnection of KVH's ultra low-latency regional network and Koscom's Stock-net in Korea starting from the first quarter of 2012. These services will be offered in conjunction with similar services available in other key financial centers such as Tokyo, Singapore, Hong Kong, Sydney, and Chicago.
The demand for low-latency connectivity service is rapidly growing in Asia as the adoption of high-frequency trading (HFT) strategies increases.
In addition, demand for DR and BCP from multi national customers in Japan has significantly increased since the East Japan Earthquake and Tsunami this year. To address these evolving and expanding needs of the market, the two companies decided to partner and pool their abundant experience and expertise as market leaders in providing highly reliable IT financial solutions in their respective markets.
Moreover, KVH's extensive experience across the Japanese and global markets will enable Koscom's customers to experience a new and enhanced range of international services. Also, Koscom's expertise in the Korean market will present KVH's existing and future customers with more opportunities to successfully operate in and with Korea.
Ju Ha Woo, Chairman and CEO of Koscom said, "Koscom and KVH are leading financial IT solution providers for Korea and Japan. This partnership will maximize the opportunities for both parties by working together to promote financial IT services to global customers. BBack-up services and operation know-how gained from Korean capital market with strategic alliance with KVH will allow Koscom to open up a new overseas DR and BCP business opportunities. Koscom is looking forward to extend its presence in Japan and create a strategic alliance with KVH to become a strong player in global financial IT market."
Richard Warley, President and CEO of KVH said, "KVH is very excited to work with Koscom to expand our geographic reach to ensure our customers benefit from market-leading services that leverage new and innovative technology. In the global financial market, Korea is considered along with Tokyo to be a very important center for electronic trading. With Koscom's strong presence and expertise in the market, KVH will be able to enhance its global capabilities and services for the financial community with robust IT solutions."