Focus on Delivering Solutions for Funds Security, Transparency, and Compliance Resonates with Clients and Partners in Troubled Financial Marketplace
SAN JOSE, Calif., March 24, 2010 — NES Financial (NESF), a leading financial services provider for the banking industry and Fortune 500 companies, announced impressive results for 2009. The Silicon Valley financial services technology firm demonstrated dramatic growth in a down market, setting record revenues and profits.
The key to the company’s momentum, according to NESF president and CEO Michael Halloran, is the company’s focus on delivering financial solutions that protect consumers, comply with industry regulations and provide complete financial transparency on a broad range of multi-party escrow and trust transactions. NESF solutions include proprietary state-of-the-art technology, professional services and unique expertise in banking, real estate, leasing, transportation and tax law that allows the company to identify and protect against underlying risk in today’s troubled financial market sector.
“2009 was a devastating year in the U.S. economy where funds security and risk management moved front and center for financial institutions, corporations, law firms and consumers. NES Financial’s innovative solutions provide unprecedented levels of asset protection, transparency and efficiency for funds held through the escrow, trust, and 1031 exchange process. As a result, the demand for our capabilities is growing at an incredible pace,” said Halloran.
Over the course of 2009, NESF brought on new clients, forged strategic partnerships, and expanded market share in key industry sectors that require administration of complex escrows and trusts. Notable 2009 milestones for NES Financial include:
- Successfully integrated the acquisition of J.P. Morgan Property Exchange Inc. (JPEX), J.P. Morgan’s 1031 like-kind exchange services division. JPEX was one of the country’s largest providers of 1031 like-kind exchange QI services. NESF integrated JPEX into its established Nationwide Exchange Services division, retained critical JPEX team members and transitioned their customers into new custodial relationships
- Acted as a third party administrator for over $20 billion in escrows and trusts in 2009
- Completed their fourth consecutive annual SAS 70 Type II review, confirming that company’s financial process controls and technological capabilities deliver comprehensive security and transparency to clients
- Demonstrated a dramatic financial growth in a down market by posting record profits and revenues. One of the select few financial technology companies to not only deliver strong profitability but to actually thrive in unstable economic times
- Added top executives to its leadership team and board, to lead the company in its next phase of growth. The company also took steps to expand their sales force that serves clients in banking, real estate, leasing, transportation, aviation and the Fortune 500
- Championed the push for legislation to protect consumers. NESF aggressively worked on Capitol Hill to advocate for regulation of the 1031 industry where theft and abuse has resulted in close to a billion in consumer losses over the last few years
- Established industry leading practices of funds security and transparency in the 1031 Tax Deferred Exchange marketplace, legal sector, and for multi-party escrow financial transactions
“NESF represents innovative technological and administrative solutions to financial partners, corporations and law firms in a highly customizable, fully audited and compliant platform,” continued Halloran. “Not only does it allow us to address today’s fluid market dynamics, it allows customers and partners to be faster, more flexible and deliver a higher level of value-add than traditional technology or service providers allow for. It’s an approach that allows our customers to be more profitable and more secure, which is highly appreciated in any economic climate.”
About NES Financial
NES Financial (NESF) is the nation’s leading provider of secure, transparent and compliant financial administration and 1031 exchange solutions for Fortune 500 companies, financial institutions and law firms. Combining proprietary state-of-the-art technology and outstanding client services with subject matter expertise in trusts, escrows and 1031 exchanges, NESF delivers flexible and scalable solutions that safely process over 70 billion dollars each year.