NeoXam, a global leader in Data Management, Performance Analytics, Portfolio Management, Reporting, and Reconciliation software solutions, today announced the expansion of its Managed Services offering with Recon as a Service (RaaS) by the opening of its new office in Chennai. This milestone follows NeoXam’s acquisition of EZOPS, a leading provider of AI-enabled Data Control, Workflow Automation, and Reconciliation solutions, which initially established the Chennai hub in 2022. This milestone also underlines NeoXam’s commitment to innovation, operational excellence, and global client support.
Reconciling Financial Data remains one of the most complex and time-sensitive tasks faced by Banks, Asset Managers, and Custodians. NeoXam’s Recon as a Service directly addresses this challenge by combining its hosted SaaS platform with expert Managed Services, providing clients with a complete, end-to-end Reconciliation solution.
The service encompasses every aspect of the Reconciliation lifecycle, including the acquisition of data from Brokers, Custodians, and Trustees; ensuring the accuracy and timeliness of data; managing Service Level Agreements (SLAs); and delivering Reconciliations on time and to the highest standards of quality. With over 400 industry connectors, including links to Accounting Systems and Portfolio Management Platforms, NeoXam enables financial institutions to integrate Reconciliation seamlessly into their broader operations.
Chennai: A Strategic Hub Strengthened by Acquisition
Chennai has rapidly developed into a global hub for Banking and Financial Services, home to some of the industry’s largest institutions, including Citibank, Barclays, BNP Paribas, State Street, and BNY Mellon. Many of these players already manage significant portions of their global Middle- and Back-Office operations from the city, creating a dynamic ecosystem rich in this specialized expertise.
Recognizing this potential, EZOPS established its Chennai office in 2022, building a strong foundation of Reconciliation and Data Management expertise. Following NeoXam’s acquisition of EZOPS, the Chennai hub has now become an integral part of NeoXam’s global network, serving as the operational backbone for its Recon as a Service offering.
Growing Demand for Managed Services
The timing of this expansion coincides with the investment industry’s shift toward integrated operating models that combine technology and Managed Services. Increasingly, Asset Managers and Asset Owners are seeking trusted partners who can deliver both cutting-edge platforms and the operational expertise necessary to run them efficiently.
“Reconciliation has always been mission-critical, but it is also one of the most resource-intensive processes to manage in-house,” said Florent Fabre, CEO of NeoXam. “With Recon as a Service, we are giving clients the confidence that their operations are both scalable and resilient. Our Chennai office plays a vital role in this mission, enabling us to deliver managed services seamlessly and support the growth ambitions of our clients worldwide.”
The model has already gained traction among leading institutions, with clients citing the benefits of reduced operational risk, faster onboarding, and greater scalability.
A Foundation for Future Growth
NeoXam expects its Chennai office to play a central role in its global strategy going forward. With the growing demand for Managed Services, the company anticipates a significant expansion of its Chennai footprint in the coming years, both in terms of headcount and the range of services it delivers.
“Building the Chennai office three years ago was about more than establishing another delivery hub—it was about creating a center of excellence that could scale with client demand,” said Sarva Srinivasan, Global Head of Strategy and Managing Director Americas. “It is rewarding to see how this vision has come to life, now as part of NeoXam, with Recon as a Service positioned at the core of our global offering.”
With more than 150 global clients across Asset Management, Market Service Providers, and Banks, NeoXam is rapidly expanding its footprint in key markets. The Chennai hub will play a pivotal role in scaling its Reconciliation Services, ensuring clients benefit from a blend of automation, AI innovation, and human expertise.
