September 23, 1999, Blue Bell, PA
Unisys Corporation and TechHackers announced today that Unisys has acquired TechHackers, a privately held leader and innovator in quantitative financial technology. TechHackers develops software tools and enterprise systems for securities trading and financial operations, specializing in quantitatively complex areas such as derivatives, fixed income, asset securitization and risk management. The terms of the acquisition were not disclosed.
Today's complex markets afford incredible opportunity to financial organizations but require intelligent business analysis and quick decisions. The acquisition of TechHackers allows Unisys to further expand its offering of repeatable solutions for financial markets to help clients compete effectively in traditional as well as electronic business environments.
"TechHackers adds an important new dimension to our portfolio of repeatable financial solutions," said Glenn Santmire, group vice president, Unisys Worldwide Financial and Imaging Solutions. "TechHackers' thorough knowledge of Wall Street's technology needs based on over a decade of experience developing applications for major market players, combined with their popular analytic libraries, significantly extends Unisys product offerings in the capital-market arena."
"We are very excited about the tremendous global distribution and developmental capability that joining Unisys will provide us," said Atul Jain, CEO of TechHackers. "By combining our capital markets solutions with Unisys financial and banking solutions, we are able to offer customers some of the best enterprise-wide solutions in the business today."
Building upon a long collaborative relationship at the Massachusetts Institute of Technology, Atul Jain and Michael How founded TechHackers in 1986. Since then, the firm has designed enterprise systems for some of the world's leading participants in the fixed income and derivatives markets. Today, the firm is a leading provider of mathematical models for these markets. TechHackers' line of financial calculation libraries, QuantToolsTM analytic modules and @nalystÂ® spreadsheet add-ins, are the world's leading off-the-shelf software components for developing proprietary trading and risk management systems and spreadsheets. They have been licensed by market professionals and system developers at over 3,000 firms worldwide to support market making, portfolio management and risk management. TechHackers employs over 50 people across offices in New York and London.