Treasury Investment Portfolio System

The State of Michigan Department of Technology, Management & Budget's Procurement office issued RFP #171-180000000378 for an Investment Accounting and Portfolio Management Software as a Service System, commonly referred to as the Treasury Investment Portfolio System. The solicitation was posted on December 7, 2017, with proposals due on January 19, 2018, and the award recommendation was announced on June 4, 2018. The procurement seeks a comprehensive investment portfolio management software solution that includes software licensing, maintenance services, optional annual onsite training, and market data subscription services. Key requirements for bidders included obtaining SOC 1 and SOC 2 Type II certifications to meet mandatory minimum technical standards. The evaluation process employed a technical merit and pricing assessment methodology, with bidders required to achieve a minimum technical evaluation score of 80 points to be considered for award. Three vendors submitted proposals: Broadridge Financial Solutions, Inc. (a subsidiary of QED Financial Systems, Inc.), Eagle Investment Systems LLC, and SimCorp USA Inc., with only two meeting the mandatory certification requirements and only one achieving the minimum technical score threshold.

QED Financial Systems, Inc. (operating as Broadridge Financial Solutions, Inc.) was recommended for award based on superior technical merit and value proposition, achieving a technical score of 88 points compared to SimCorp's 63 points, while Eagle Investment Systems LLC was disqualified for failure to provide SOC 2 Type II certification. The total contract award amount is $3,366,310.78 over the five-year base contract term, comprised of $3,251,296.00 for software licensing, maintenance, and optional training services, plus $115,014.78 in estimated market data subscription fees. The contract structure includes five base years with five additional optional renewal years, providing the State with extended service continuity and future procurement flexibility. No specific set-asides or restrictions on organizational type were identified in the available documentation. The award was pending State Administrative Board approval at the time of the June 4, 2018 announcement, establishing QED Financial Systems, Inc. as the incumbent vendor for this critical treasury management technology initiative.