MarketXS, currently taken over by Markit, was founded with a vision to radically change existing concepts of market data technology. MarketXS pioneered the concept of using software as a service model to provide access to market data for financial institutions and their employees and customers, demonstrating how the service would render conventional on-site systems obsolete. The service delivers integrated and scalable market data solutions designed from the ground up to take full advantage of the Internet to provide customers with rapid deployment and low total cost of ownership. Customers include financial websites, banks, insurance companies, securities dealers, vendors and corporate customers. Apart from using Irion’s automatic summary generator, MarketXS also implemented Irion’s automatic classification system Classify Server, in order to automatically add metatags taken from different classification schemes (like Dow Jones and Industry Codes) to their news feeds.