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Calypso Acquires Galapagos

Calypso Technology Inc, a leading global provider of an integrated trading application suite to the capital markets industry, today announced that it has acquired Codefarm's portfolio construction and management platform known as Galapagos. The terms of the purchase transaction were not disclosed.

Charles Marston, Chairman and CEO, Calypso Technology, said, "Galapagos is an excellent addition to the Calypso portfolio. There are clear synergies from this transaction, including an expected strong and seamless cultural fit among the staff, and a unique opportunity to leverage our combined talented resources to develop innovative solutions that relieve market pain - particularly in the areas of restructuring and capital efficient risk mitigation in the credit markets."

Galapagos, which took approximately 50 man-years to develop, represents the successful application of the academic concept known as evolutionary or genetic algorithms to the intractable optimization problems inherent in the world of structured credit. It enables arrangers, managers, risk professionals and investors to explore the efficient frontier of risk and return. The service is in use in the front office of many of today's leading financial institutions. Calypso Technology will now leverage Galapagos for its existing product and service offerings and continue to expand its application within the capital markets space.

Codefarm founder Jeremy Mabbitt assumes the role of VP of Technology for the new Galapagos business unit while John Mooren and Steve Gibson are appointed as General Manager and VP of Sales, respectively. The base for Galapagos research and development remains in Brighton, England. "We are very pleased to be joining forces with Calypso Technology. The firm has a solid understanding of the Galapagos offering and the marketplace. We are already expanding the Galapagos platform into new markets," stated John Mooren.

Charles Marston added, "In our analysis of Galapagos, we concluded that the wide applicability of this unique technology made it an excellent fit with Calypso's all-encompassing trading and risk management platform. We look forward to applying the evolutionary computing of Galapagos to its full potential - what better way for us to mark the bicentennial of Charles Darwin's birth!"