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Gold/Mining/Energy : GEAC.....Canadian best kept secret
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To: dumpthelackies who wrote (1175)5/16/2000 10:47:00 PM
From: dumpthelackies   of 1571
 
Read This Post Everyone......

I can tell you what happened at GMI software, the dominant vendor of back-office software for trading of
futures and options on futures. Sungard bought GMI after failing to make inroads into the industry in the US.
They spent the first year destroying the historically amicable relationships GMI had with its clients by forcing
clients to sign long-term contracts at double or triple the previous rates. (GMI was historically very inexpensive,
and I think clients understood that, but the contracts negotiations were incredibly ugly as clients felt Sungard was
unbelievably arrogant and unprofessional. (Rumor has it that a major bank in London had Doug Bergeron
escorted off the premises by security. That bank later dropped GMI and went to another vendor.

After a year, they made a series of personnel changes that offended all the senior management at GMI. They
ALL left within a matter of months, along with most of the senior programming staff and the best of the
consulting support staff. As a result, support for the GMI system became shockingly poor just after clients had
their rates dramatically increased. I assume two years later the situation is better, and I don't know anything
about the current work climate at asset management, but thought I'd pass on this bit of history
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