Wombat Financial Software Secures $700K from Invest Northern Ireland, Announces Belfast Center Expansion and Opens Office on Wall Street

INCLINE VILLAGE, NV & NEW YORK, NY, June 21, 2005 – Wombat Financial Software, the emerging technology leader in delivering low latency, next-generation market data infrastructure for the financial markets, today announced that it has secured $700,000 (£377,500) in funding from Invest Northern Ireland (InvestNI), the Northern Ireland economic development organization. The funding will be used to expand the firm’s Belfast development center staff to 45 by the end of 2007.

Wombat is also announcing the opening of its new US sales and support office in New York at 48 Wall Street, relocating from offices in Brooklyn Heights.

"We’re very pleased to receive InvestNI’s vote of confidence to continue our expansion in Belfast," said Ron Verstappen, Wombat CEO. "Twelve months ago, the majority of our customers were vertical business groups within tier one banks and leading hedge funds and market makers. Now, we’re delivering complete ‘horizontal’ infrastructure solutions to some of the largest firms on Wall Street. These solutions are accelerating product development, support requirements and the need for professional services teams in key financial centers. It’s an exciting time for our firm."

Danny Moore, Wombat COO, added, "Up until six months ago we were supporting our New York area client base remotely. Today, we have a dedicated sales force led by Tim Yockel, vice president, North American sales, supported by four presales and professional services resources focused on the US market. The new business they’ve generated is accelerating growth to a point where our plan by the end of Q3 this year is to hire three if not four additional staff."

"The Belfast engineering center," explained Moore, "has played a central role in our growth, helping us emerge as one of the most potent technology foundries in the financial sector, rolling out more than 15 new data feed handlers, a new middleware platform that is an alternative to RMDS and beta releases for several new product lines. These are the high-performance, low-latency products the financial markets have sought for years, but not one of the leading vendors stepped forward to meet the demand. We believe it’s our engineering teams’ consistent ability to deliver that is central to setting us apart from the competition. Belfast is the cornerstone of that effort."

"Wombat represents best-in-class through their experienced executive management team, corporate strategy, market-responsive technology and commitment to sustained expansion in Northern Ireland," said John Haran, senior vice president, America, InvestNI. "Northern Ireland has emerged as a major centre for financial sector software development. CitiGroup’s decision to establish a technology centre of excellence in Belfast is recognition of the substantial technical and human resources that are available in Northern Ireland. This follows similar investments from Liberty IT and Northbrook Technology. There’s also a number of emerging financial sector enterprises, including First Derivatives Plc, Harco, Microgen and now Wombat."

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