TORONTO, CANADA / NEW YORK, USA - April 28, 2004 -Algorithmics Incorporated and DataSynapse, Inc., leaders in enterprise risk management solution and grid computing respectively, announced today they had signed an exclusive OEM agreement to provide DataSynapse's on demand application infrastructure software in Algo Suite 4.4. This means that every Linux version of Algo Suite 4.4 delivered to Algorithmics clients will incorporate GridServer(tm) technology from DataSynapse.
The agreement also outlines details concerning front line support, joint sales and marketing activities, as well as joint technical collaboration for the Linux and grid computing solution in the coming months. Algorithmics has already piloted the solution successfully at various clients.
The Linux and distributed computing version of Algo Suite delivers enhanced system performance and scalability. Recent Algo Suite on Linux benchmark tests have demonstrated significant increases in computing power for large risk calculations and also confirmed that additional computational resources can be added without extensive implementation. This allows Algorithmics clients to reduce their total cost of ownership by moving from expensive, proprietary hardware environments to cost-effective, commodity computing models.
"DataSynapse is an innovator and leader in grid computing solutions for the financial services industry. Both companies are ideally suited to address a key business challenge, in terms of increased performance and scalability, that our clients face," said Michael Zerbs, Chief Executive Officer at Algorithmics. "This agreement gives our clients a superior and tested option for superior risk analysis at a lower total cost of ownership."
Frank Cicio, Chief Marketing and Strategy Officer at DataSynapse, agreed. "Algorithmics has long set the standard for innovation in enterprise risk management," he said. "As financial institutions seek to radically reduce costs while simultaneously improving business performance, we believe the grid-enabled version of Algo Suite will deliver substantial benefits."
Algo Suite 4.4 significantly enhances speed, reliability and scalability through its grid computing and Linux support capabilities. Using the award-winning GridServer technology from DataSynapse, the generation of the Mark-to-Future cube can be split across multiple machines with each machine simulating a small part of the cube, dramatically improving application performance. It enables firms to manage enterprise risk at a lower cost using Intel-based Linux machines. The heterogeneous solution runs on both Solaris and Linux platforms, allowing firms to utilize existing resources and migrate to a Linux environment in stages.