"Algorithmics is in an excellent market position," said Don Callahan, Managing Director, Morgan Stanley. "Over the past year, the company has improved its revenues and profitability, built its global client base and solidified its position as the world leader in market, credit and collateral enterprise risk management software for tier-one financial service firms. We are confident that Algorithmics will continue to be a leading innovator in the enterprise risk management industry, and as clients and investors, we look forward to the company realizing its potential."
Algorithmics founder and CEO, Dr. Ron Dembo today also announced that after 15 years at the companyâs helm he is stepping away from day-to-day operations to take on a new role as Founding Chairman. "Operationally, Algorithmics is now on a strong footing, with solid earnings last year, a strengthened management team and a new capital structure. It is an opportune time for me to redirect my focus to support the companyâs thought leadership position within the field of enterprise risk management," Dr. Dembo said. "It is my intention to concentrate on the companyâs long-term vision and continue to play an active role as a member of Algorithmicsâ Board of Directors."
In his new role, Dr. Dembo will work to promote the companyâs philosophy and approach to risk management globally. He will also identify customer and industry opportunities in the run-up to the Basel II Accord, and identify, explore and promote enterprise risk management solutions in new markets.
Dr. Michael Zerbs has been appointed acting CEO and will drive Algorithmicsâ business growth and profitability. "This vote of confidence in our proven products, services and business model gives us a solid platform to further advance our market share and the value we deliver to our clients," said Dr. Zerbs.
"The Board of Directors is very confident in the companyâs leadership and significant prospects" said Barry Reiter, Chairman of the Board of Directors of Algorithmics, "and is looking forward to working closely with Algorithmicsâ management team to further advance the companyâs industry position."