South Korean middleware giant looks to specialist partners to break Oracle’s hold on financial services market
TmaxSoft, a specialist in middleware and enterprise IT infrastructure, is recruiting partners that specialise in the financial services market. The South Korean company is continuing to expand its network in the UK and across Europe having first officially entered the market at the beginning of 2014.
Founded in 1997, TmaxSoft’s portfolio is made up of a number of mission-critical enterprise software solutions including OpenFrame, a high-performance and highly scalable Mainframe re-hosting solution and JEUS, a web application server for Java EE. However it is its TIBERO relational database management system product that has gained the most traction, especially with those looking for a viable alternative to Oracle.
Like many sectors, companies in the financial services vertical have been reliant on Oracle for managing the vast amount of data they hold. This dominance has meant that the channel has been restricted with what they can sell and the margins they can make, as well as increasingly difficult customer management thanks to the inflexibility of much of Oracle’s licensing structure, as Joe Kim, UK Managing Director at TmaxSoft explains:
“The very nature of the financial services sector means that much of the data companies hold is hugely sensitive and high in volume. There has, up until now, been a perception that there is nothing else out there, other than Oracle, that can deal with such data volumes and so IT departments have continued to hand over money and hope that they do not find themselves in an ‘under licensed’ situation.
“The opportunity for the channel to make good margins and keep customers happy is therefore restricted. We have already proved in other markets that we are a viable competitor to Oracle and can provide better pricing models and margins for our partners to really make money from selling our products. It also differentiates them from competitors by giving them a product that can compete and is compatible with Oracle databases.
“We know that there is a major opportunity in the financial sector to make a real difference to end users and our partners. We are looking for specialist partners to help us make an impact in a really important market for us. It is certainly a case of quality over quantity here. We want to make sure that we have right partners in place that really know their market to help release the hold Oracle has over the financial services sector.”