Man Group plc selects IT&e’s Razor™ for Economic Capital Project

29 March 2007

IT&e Limited (ASX code: “ITE” AIM: “ITEL”), a leading provider of financial software and consulting services to the global financial markets, is pleased to announce that Man Group plc (Man), a leading global provider of alternative investment products and one of the world's largest futures brokers, has selected IT&e’s Razor product as a key component of its Economic Capital Planning systems infrastructure.

IT&e and Man have today signed a license agreement to implement Razor to address the firm’s economic capital requirements across its growing businesses. The decision to select Razor was made after an extensive evaluation of Razor’s economic capital functionality, high performance, extendibility and scalability. Razor was identified as the best fit for Man’s requirements to replace its internally developed application with a best of breed economic capital system.

Antony Elliott, Group Head of Financial Risk at Man commented, “IT&e offers a leading edge combination of thought leadership in managing economic capital and state-of-the-art technology. Our business is constantly evolving, and the increasing complexity of the firm’s trading and hedging activity required us to identify a solution that is inherently adaptable and extendible.”

Malcolm Warne, Head of IT&e’s Risk Practice noted, “We perceived a very good fit when we analyzed the special requirements of Man. Razor will not only suit their immediate needs, but offers a broad range of capabilities that will foster further advancement in the management of economic capital at Man.”

James Maranis, CEO of IT&e said, “We are pleased to have the opportunity to implement Razor into a prestigious organization such as Man. This deal marks a major milestone for the Company and strongly supports the competitive nature of our Razor product across the globe and in particular Europe. We are extremely encouraged on future growth given the demand and our ability to vie successfully against our major competitors.

“This represents another significant step for IT&e in converting its substantial international sales pipeline to revenue.”

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development