Xiotech Creates Integrated Information Risk Management Solutions to Reduce Risk and Increase Return on Information |
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Xiotech Corp.
6509 Flying Cloud Dr.
Eden Prairie, MN, 55344
USA
Press release date: January 30, 2007
EDEN PRAIRIE, Minn., Jan. 29: Information is a double-edged sword. Harnessed and managed properly, information fuels customer acquisition, market expansion and new product and service development. Left unmanaged, it can lead to litigation, investigations, stolen trade secrets, privacy violations or, in extreme cases, a diminished ability to do business at all. With regulation and litigation costs on the rise, and information more portable than ever, effective and integrated information risk management is reaching the agendas of board members, corporate officers, in-house counsel, and records and information managers with increasing frequency and urgency.
In response to these needs, Xiotech Corporation today introduced an integrated information risk management model, and a comprehensive set of products and services, to assist midsized organizations in defining, developing and implementing an integrated information risk management program. This integrated approach will address litigation, investigation, regulatory, governance and business continuity concerns.(TM)
To facilitate its ability to meet customers' broad and deep range of requirements, Xiotech is planning an aggressive acquisition program expected to last at least through the end of 2007. The intention is to acquire a broad range of consulting, service and product capabilities to further its position as the first integrated information risk management provider.
Finally, Xiotech is preparing to introduce a new integrated offering that addresses the entire information risk management spectrum. The new solution delivers the insight, control, and protection required for effective management across IT, legal, records management and compliance responsibilities.
"Traditional boundaries between storage, content management, incident management and litigation services are problematic and sometimes treacherous in a world in which electronic information flows so freely," said Scott Winkler, corporate vice president, Offerings for Xiotech. "We give organizations advanced capabilities and safeguards by managing information in ways that meet the needs of the IT, records management, compliance and corporate counsel functions, rather than addressing each in isolation."
To date, the standard approach to managing information has been to "divide and conquer" along functional lines. This approach leads to point solutions that solve specific issues, but often exacerbate problems for other areas. These problems have become more acute with increasing regulation and litigation and the proliferation of new technologies like instant messaging and flash drives.
In a recent report, research firm Forrester noted how this approach breaks down in one business process-eDiscovery. "Spending for litigation matters traditionally has been the responsibility of an organization's office of general counsel," wrote analyst Barry Murphy. "Technology, on the other hand, has been the domain of IT. Add in fact, that when it comes to compliance issues, records managers are also involved in the decision. Suddenly decision making is muddled, slow and disjointed." ("Believe It-eDiscovery Technology Spending To Top $4.8 Billion By 2011," Dec. 11, 2006).
"Xiotech is uniquely positioned to be the first integrated information risk management supplier in this emerging market," said the company's President and CEO, Casey Powell. "Our existing capabilities, combined with those we will acquire in the coming months, will allow us to address the full spectrum of information management for midrange organizations-with solutions and expertise that are far superior to the point solutions organizations are forced to purchase today, in terms of risk mitigation and economic return."
By addressing multiple information risk challenges-litigation and investigation, regulatory compliance, business continuity and information governance-with more integrated products, Xiotech believes it can help solve those challenges more effectively and efficiently than today's point-solution approach.
A year ago, Xiotech acquired Norwich, Conn.,-based Daticon to provide expertise in litigation support, paper and electronic archiving and the e- discovery process. The company also opened a software development office in Vancouver, Wash., to develop a new integrated information risk management system, which is expected to be introduced early this year. This is in addition to an existing portfolio of Xiotech(R) solutions that address integrated information risk management needs:
-- Xiotech litigation and regulatory compliance support services. -- Xiotech Archive Management Services, which manage an organization's electronic and paper archives, effectively meeting the archival needs of most legal, records, compliance and IT departments within an organization via a flexible, Web-searchable service. -- Xiotech data protection products and services, providing asynchronous, synchronous and continuous data protection (CDP) both as a product and as a service from the company's secure data recovery facility. -- Xiotech storage products, addressing the data storage needs for IT and records managers at midsized organizations. -- Business Consulting Services, guiding Xiotech clients through business challenges such as the new Federal Rules of Civil Procedure, which went into effect Dec. 1 and are causing companies to re-evaluate how they store, archive and destroy records and other electronic information.
About Xiotech
Xiotech is the leading provider of integrated information risk management solutions for midmarket companies. With expert consulting, litigation support, regulatory compliance and data storage expertise, Xiotech solutions minimize risk and maximize value across the spectrum of organizational information management. Xiotech's Business Consulting Group provides a range of modular service offerings that integrate information risk management, electronic data discovery and incident management capabilities to address the growing compliance demands facing today's corporations and public entities. Xiotech is based in Eden Prairie, Minnesota, and maintains major facilities in Norwich, Connecticut; Vancouver, Washington; and Hyderabad, India. For more information, visit http://www.xiotech.com/ , email info@xiotech.com or call toll free 1.866.472.6764.
First Call Analyst: FCMN Contact:
Source: Xiotech
CONTACT: Kira Jorvig for Xiotech, +1-952-346-6317, kjorvig@webershandwick.com
Web site: http://www.xiotech.com/
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