Leading structured credit technology company now has offices in both major CDO centres

28 March 2007

Codefarm, the structured credit technology company, has opened offices on Broadway in New York city to provide local support for its rapidly growing North American customer base.

Following its launch as an online service last year, Codefarm's Galapagos Structurer, is now used by more than half of world's top ten structured credit desks. to automate and optimize their CDO structuring. With offices in London and New York, Codefarm now has a presence in the two main global hubs of CDO issuance.

"The opening of offices in New York is an important step in our growth,"
explained Jeremy Mabbitt, Managing Director of Codefarm. "Since four of the world's top ten CDO arrangers are based in the USA and two of them account for more than one-third of total global CDO issuance, Codefarm's presence in New York is key to our strategic objectives."

"Several US-based Tier One investment banks are already using Galapagos,"
continued Mabbitt. "US issuers have been very impressed by the superior performance of Galapagos in head-to-head trials and value the fact that as an online service it can be deployed within hours. Through our New York offices we are offering local support and consultancy services for Galapagos, the leading CDO structuring technology."

Codefarm has already expanded its headcount in the US. Robert Stone has been recruited as Head of Sales North America. Robert was previously at Sungard where he was VP for Sales. Rebecca Leeper, previously a services support manager at HP, has taken up the post of Support Manager.

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