SOURCE: Eagle Technology Management, Inc.

Eagle Technology Management, Inc.

March 01, 2011 08:46 ET

ETM Exceeds 3,000 Companies on Its Unclaimed Property Platform

Launched in June 2010, UPExchange Has Exceeded Growth Projections

CEDAR RAPIDS, IA--(Marketwire - March 1, 2011) - ETM today announced that more than 3,000 companies have registered to use UPExchange, ETM's software-as-a-service (SaaS) offering that automates the management and reporting of unclaimed property to meet regulatory requirements. Founded in 2001, ETM now serves more than 4,500 companies in automating the administration and filing of financial information to meet numerous regulated reporting requirements.

"Many of us were involved in the development of the industry's first PC-based unclaimed property system in 1992," said Larry Kane, ETM's president. "UPExchange delivers the same capabilities -- like dormancy processing, custom reporting, exemptions, and others -- through your browser, eliminating the implementation, provisioning, hosting, management and support of traditional software."

In creating UPExchange, ETM leveraged its experience to include detailed database tracking (who did what) that satisfies compliance auditing requirements and to get updates to constantly changing unclaimed property requirements through its close working relationship with the states. The SaaS model allows ETM to stream incremental updates, upgrades, and changes into UPExchange on the fly, eliminating the delays necessitated in the desktop world by the stockpiling of changes prior to periodic downloads, updates, versions, and patches.

Unclaimed property is required to be reported in all 50 states, plus additional jurisdictions. Unclaimed (or "abandoned") property refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for a year or more. It can include savings or checking accounts, stocks, uncashed payroll checks, refunds, and other items. The business holding the property must follow state-prescribed due diligence to find the rightful owner. If the property remains unclaimed for a certain period of time, it must be surrendered to the state in which the owner last resided. Cash-strapped states are becoming more aggressive in auditing companies to uncover unclaimed property, going back 20 years or more, with the potential for steep fines and penalties.

About ETM
ETM is a development firm that specializes in providing financial reporting and tax-compliance services. ETM is dedicated to financial processing and reporting, making its clients more efficient, consistently accurate, and uniformly compliant. For more information, please visit www.byetm.com, call (800) 975-3245, or e-mail sales@byetm.com.

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