FINETIX WALL STREET SURVEY FINDS USE OF AGILE DEVELOPMENT METHODOLOGY ON RISE IN FINANCIAL SERVICES

New York, NY - 11 April 2007

- Of the respondents, 90% believe Agile a useful methodology in projects
- Sixty percent of respondents indicated that they were likely to use Agile for future projects

Finetix, a leading financial services IT consulting firm, today announced the results of a recent survey conducted among key financial services project managers on Agile Methodology, an approach to IT development which attempts to minimize risk and cost by developing software in short iterations. The results of the survey, which was conducted among project managers and SVPs at a number of Wall Street's leading financial firms, point to an overwhelming positive perception of Agile and a majority of respondents stated that they would be using the methodology in future projects. Some key highlights of the survey include:

- Over 50% of respondents stated that Agile has already been used at their firms
- 90% of respondents listed Agile a useful or very useful methodology
- 60% of all the respondents indicated that they were likely to use Agile for future projects
- Of the respondents who had used Agile before, 73% percent would use it again

Finetix has been employing iterative methodologies in the delivery of trading and risk management solutions for Capital Markets firms for over twelve years. As Agile methodologies have evolved, Finetix has employed it as part of its best practice strategies for clients on both the sell-and buy side. As part of its on-going commitment to the practice, Finetix held a training seminar on the methodology which was conducted by Robert Martin, who is popularly known as "the father of Agile," at which the survey was conducted.

Virtually all of the respondents indicated that they believed that Agile is a useful methodology with no respondents indicating that Agile was not at all useful. Of respondents who have not used Agile, 56% rated the methodology as potentially useful, while the remaining 44% believe the usefulness would depend upon the type of project.

Finally, most respondents did believe that they would be likely to utilize Agile in upcoming projects. Sixty percent of the respondents indicated that they would be likely to utilize Agile methodology in future projects for their firm. An additional 30% indicated that they would be somewhat likely to use Agile in the future. Only 10% ranked their likelihood of utilizing Agile in the future as low.

David Chapman, CTO of Finetix, comments, "We were not surprised at the positive results of this survey as they clearly reflect what we are seeing anecdotally among many of our clients. Wall Street firms are relying less on traditional 'waterfall' or 'big bang' methods of IT development, as they strive to stay current with product and trading innovations. Agile provides an advanced, disciplined software engineering approach that quickly builds trust and confidence between IT and business teams as developers and business users work together to deliver quality software."

Steve Katz, CFO of Finetix, commented, "Agile is appropriate to all financial institutions, including large investment banks and small hedge funds. It can be used with any technology and on any project. The continued success of these projects speaks for itself and it's pleasing to see this reflected in the results of this survey."

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