What do Richie Havens and Devo have to do with mainframe migration? No, it’s not a stretch.

Havens will be forever remembered for his opening-act performance of the song “Freedom” at the Woodstock music festival in 1969, the “coming out” party of the rock ‘n roll generation. And “Freedom of Choice” was the third album by New Wave musicians Devo, released in 1980, which contains their most well known song, “Whip It.”

During the late 60s and into the 80s, hundreds of financial industry firms bought and have since relied on mainframe computers maintained now by a graying workforce, some of whom probably were among the tens of thousands on the grass at Woodstock or, in the 80s, danced indoors to Devo’s tunes.

Today, Richie Havens still performs. Devo? It’s rumored they’ve recorded a new version of “Whip It” for a Swifter TV commercial, which they’ve said they regret. Just like so many mainframe owners who wished they had moved away from their mainframes years ago.

Fortunately, for financial industry firms, there is a new “Freedom of Choice.” It’s called mainframe modernization. In financial services, modernization is quickly proving its value in helping firms lower operating costs, gain greater flexibility and agility, bring new products and services to market faster and create a competitive advantage for them and their shareholders.

This profile, “FREEDOM OF CHOICE: the Realities of Mainframe Modernization in 2007,” now in its third year, focuses on choices that C-level management – IT and business – have to migrate, redevelop, rewrite, extend or replace their legacy mainframe and application systems.

Here are 10 major players in mainframe modernization, all members of the Mainframe Migration Alliance (www.mainframemigration.org), sharring their thoughts, leadership positions and successful record of solutions that are having an impact on financial services industry firms here and around the world.

The next step is yours. But, do nothing and you risk stagnating, meaning, falling further behind. To move forward, begin with a roadmap and a shared strategic commitment that aligns business and IT.

Then choose…because now you can.

- Martin Rabkin, Contributing Editor

• Forrester Research: Mainframes and Wintel: Still In Search of the Grail
• EvolveWare: EvolveWare’s S2T Tools Provide End-to-End Automation in Documenting, SOA Enabling and Migrating Mainframe Applications
• Microsoft Corporation: Microsoft Sees Legacy Mainframe Modernization as Driving Opportunities Across the Enterprise and Creating New Pathways for Sustained Growth
• ATERAS: ATERAS DB-Shuttle Automated Conversion Tool Understands over 90 Languages and Dialects
• Idea Integration: Idea Integration Brings 17 Years of Experience in Customized Migration Services to Your Mainframe Environment
• Infosys: Infosys Uses 20+ Years of Mainframe and Microsoft Experience to Modernize Insurance and Financial Services Companies
• HP: HP Helps Transform Legacy IT Environments by Delivering Simplicity, Agility and Value with Reduced Risk and Lower TCO
• Tata Consultancy Services: Tata Consultancy Services Modifies and Maintains Legacy Apps Using the .NET Framework
• Getronics: Getronics’ Application Replatforming to a Modern Wintel Environment Cuts Running Costs by Nearly 50% While Boosting Performance
• KEOUS: KEOUS Has Migration Projects Ranging from Thousands to Billions of Transactions for Financial Services Firms to its New Name
• HCL Technologies: HCL Brings Deep Insurance Domain Knowledge and Workforce Certifications to Clients’ Migration Projects