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R Narayanan, Chairman, Programme committee for the event, addressing a press conference on the event, said that the final round was judged by an independent jury consisting of Mr. Anup Bagchi, MD & CEO of ICICI Securities, and Mr. Ashwin Narasimhan, MD – Global Corporate and Investment Banking, Bank of America. They went through all the information submitted by the respondents and followed it up with an interview with each of the shortlisted companies’ CEOs. From the list of 12, they chose 4 companies most likely to be the Billion Dollar Babies from Tamil Nadu and we are naturally excited to be one of them.

Balaraman Jayaraman, Co-Founder & Presidentsaid “This is a recognition for having embarked on a arduous journey of building an ERP class product Enterprise technology platform (CORE) for the retirement / pension industry and having succeeded in the most demanding of all product markets, the US. It is also an external validation and reinforcement of our own belief and conviction that we are on a very special mission and a huge value creation exercise “.

Anup Bagchi, CEO, ICICI Securities said “We received more than 350 nominations. We narrowed it down to 12 and from that, four were shortlisted… Somewhere we hope they can motivate other companies”.

Other nominated billion dollar baby companies were VA Tech Wabag Ltd, Financial Software & Systems (P) Ltd (FSS) and Magzter Inc.

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Congruent Solutions launched CORE Retirement Solutions, their proprietary Enterprise Software Platform for Retirement Plan Administration and Recordkeeping for global markets at the SPARK Forum held at Florida, USA on November 4th 2013. Congruent attended the conference asa Silver Sponsor and exhibited COREDCTM at the stall.
SPARK Forum is retirement industry based leading event for the nation’s top marketing, sales, administration and record keeping professionals.

In the SPARK Forum, David Armistead, Vice President at Congruent Solutions gave keynote talk on “Making Plan Administrators’ life easier and enhancing customer engagements through new generation technologies”.

“Retirement providers spend their time struggling to prioritize their internal functions and streamline their processes to the plan sponsor” David Armistead told 401kWires. He adds “With CORE software, providers could spend their quality time focusing on their customer-facing support and other higher value functions rather than streamlining the commoditized functions like error corrections”.

COREDCTM is next-generation recordkeeping software for the US retirement industry with the state-of-the-art enterprise class technology. It is designed to manage the retirement plan administration and regulatory needs in a streamlined manner.

With the COREDCTM, various stake holders (plan participant, plan sponsor, plan administrator, and financial advisor) can access, manage and communicate on a single platform thereby increasing overall retirement plan administration efficiency.

San Asuti, Executive Vice President of Congruent Solutions said”Our mantra is going to be configurability instead of customizability, versus the challenge of legacy system where every installation has customization and patches”.San has beenpreviously rated as 56th most influential person in the Retirement Services industry by 401KWire in 2012.

“We plan to reduce the cost of ownership of 401(k) record-keepers from $18 to $ 7 per participant” said Asuti.

“We have designed our product with the ability to configure the rules for different flavors of defined contribution keeping adaptability in mind” said Balaraman Jayaraman, President and Co-founder of Congruent Solutions in SPARK Forum.
Asuti added “the new platform is designed to be extremely adaptable to a provider’s needs and specification”.

“The goal is to reduce the plan onboarding cycle time from 120 days to 40 – 60 days for large plans,” Asuti said. “The algorithm has the ability to read plan data from provider one into the recordkeeping platform of provider two.”

Congruent Solutions also offers CORE Point solutions to address specific needs of the retirement industry administrations and are easily deployable to work with the existing record-keeping systems.

London:Congruent Solutions announced Monday that it was entering the UK market with a solution that was targeted towards the QROPS providers in the United Kingdom.

“The UK region is brimming with activity in the pension industry. With the industry maturing significantly in the past five years and with the introduction of new vehicles such as QROPS and Group-SIPP (in the near future), we see tremendous opportunity to add value to the businesses of scheme administrators of all sizes”, said Mr. Bala J. Raman, President at Congruent Solutions. Mr. Bala is upbeat about bringing this technology into the market that can prove to be a value differentiator for the adopters of the technology product.

Mr. Raju Sitaram, Vice President of Product Engineering at Congruent solutions said, “COREQROPS borrows from our industry leading technology that we have developed for the American retirement scheme providers and we are hard at work to ensure that we bring a world class solution that will allow companies providing QROPS schemes to manage and service their clients better and more efficiently”.

“QROPS is perhaps the tip of the iceberg when it comes to the market potential that the UK offers. We feel that with our experience in serving the pension industry, we should be able to partner with organizations and take the way the administrators manage their business to a whole new level”, said Mr Bala.

Congruent has partnered with a leading QROPS scheme provider in the UK to bring this product to the market. The company said that it feels that having a partner at this stage will allow them to readily gauge the needs of the market and provide a solution that will create the maximum value for all stakeholders involved.

Cupertino: The COREDC platform is now available in the US market both as bundled and modular offerings.

“We understand that several organizations in our target market would like to adopt a phased adoption route while revamping their retirement technolgy platforms. The COREDC product architecture allows us to easily offer a module or a set of modules to clients depending on their implementations strategies”, said Mr. San Asuti, Executive Vice President at Congruent Solutions. Mr. Asuti heads Congruent’s US operations and is associated with the retirement technology space for over a decade now.

“Retirement technology platforms cannot function in isolation and it is important that they are highly adaptable and customizable to each client’s needs. Therefore, which conceptualizing this product, we ensured that significant attention was paid towards the elements that would define the product’s ability to integrate seamlessly on the client side irrespective of whether it was implemented as a whole or in part”, said Mr. Lucas Soucy, Director of Retirement Services at Congruent Solutions.