Based in Boston, XTRAC began life as a unit of Fidelity Investments. About 20 years ago, it developed a technology platform for internally processing high volumes of financial transactions. About three years ago, Fidelity concluded this platform could be a highly useful to other financial-services firms as well, and a decision was made that XTRAC could do business as an independently operated subsidiary of Fidelity, selling cloud-based workflow and document management technology to a range of brokers, investment managers, and advisory firms.
Or in the words of its press release, XTRAC “quietly came to market three years ago as a Fidelity Investments company” to offer its technology to other highly-regulated businesses.
Demand for this type of technology appears to be strong. In each of the past three years, XTRAC said it has seen 60 percent more users and 55 percent more work items processed.
“The strong demand for XTRAC can be attributed to the need for robust systems that can handle, track, and audit high volumes of complex transactions across multiple departments and offices in an increasingly regulated and constantly changing environment,” Dan Brownell, XTRAC president and chief executive, said in a statement. “Many of our clients are seeing double digit growth, including banks, insurance providers, brokers, investment managers, advisory firms, and other recently emerging firms, such as strategic acquirers and strategic aggregators.”Chris Reidy can be reached at email@example.com.