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London, 7 June 2006 – HP (NYSE: HPQ) has announced today that financial software specialist Codefarm is using a utility computing solution powered by HP Flexible Computing Services (FCS) to offer its structured credit optimisation software – Galapagos – as an online service.

The FCS deal means that available processing capacity can be adjusted according to demand, which allows Codefarm to offer its customers flexible, usage-based pricing options for its Galapagos products. Galapagos Online can also now be deployed in a matter of days and start up costs for customers have been significantly reduced.

The Galapagos software uses evolutionary computing to tackle complex numerical modelling problems – enabling customers such as investment banks to increase returns on structured derivatives products. The deal offers Codefarm’s customers access to unrivalled computing power and allows the company to take on smaller customers who don’t have the necessary in-house capabilities.

Said Jeremy Mabbit, managing director, Codefarm, explaining his company’s decision to choose HP as its utility computing partner: “Nobody else could match HP’s ability to vary the available processing power at short notice. The HP model enables us to respond quickly as new customers sign up and if usage levels suddenly increase, limiting the amount we’d have to pay for unused processing power at other times.”

The Galapagos online services roll-out comes after a successful pilot hosted on HP Labs’ research data centre. Four of Codefarm’s customers tested the feasibility of HP’s solution with HP Labs Bristol, the UK arm of HP’s central research laboratories, who are working with the FCS business to deliver advanced technologies and capabilities to customers. Three of the four pilot customers are expected to sign up shortly to the commercial service, which uses HP ProLiant servers within HP FCS’s secure centralised utility as dedicated ‘home nodes’ plus a shared computer grid providing processing capacity. Discussions are in progress with several others.

Added Jeremy: “Flexible computing with HP is a winner because it’s the most flexible and cost-effective product available. With HP’s support we can be confident that we are offering our customers the best possible service.”

Steve Smith, senior vice president, HP Services, said: “HP was the first in the industry to offer managed, metered and instant capacity-on-demand services for our customers who wanted to acquire additional IT infrastructure resources when and where they needed them, and pay for them based on usage. Codefarm’s customers can now make use of the kind of computing power that not even the best-equipped IT environments can match. As a result, Codefarm offers a powerful, flexible, pay-per-use service that is easy for investment banks to deploy and increases the returns on their financial products.”