Code Red user adoption grows significantly with recent release of RMS 5.0
During the past few months, Code Red experienced significant growth in its user adoption as it signed numerous large institutions to its Code Red Research Management System (RMS). The pinnacle win for the company was the signing of Boston based Cambridge Associates for a site license of up to 1,100 users.
Code Red has focused on product enhancement and customizations with larger financial institutions and consulting companies to increase the RMS’ capabilities and usability and is now bearing fruits with much larger firms signing up with the company. In addition to Cambridge Associates, the results through early 2013 include several large deals that alone resulted in over 700 new users with firms such as Sprott Asset Management, Harris Associates, The Boston Company Asset Management, LLC, as well as a large Boston based asset manager and a large UK based asset manager.
The company continued to expand the client base by adding numerous hedge funds, endowments, foundations, and pension firms including recently one of the largest global non-profits. As a result of the new clients, Code Red has added over 2,000 users to its RMS in the past twelve months.
‘‘Cambridge Associates licensed Code Red and engaged with its team for a customized implementation of the platform. The team was responsive, flexible, and eager to hear our ideas, and was very willing to make platform customizations to accommodate our teams’ various workflows,’’ said Cambridge Associates’ Technology Director Ann Niederpruem.
Code Red CEO Tim Gavin added, ‘‘We are thrilled to have added so many prestigious institutions to our client base in the past few months. We have seen great excitement from clients and prospects with our recent release of version 5.0 which contained significant strides in technological capabilities, coupled with a new ‘look and feel’ for a much more intuitive and simpler user experience. These leaps in both functionality and usability have resulted in a pronounced uptick in larger clients signing up to the technology leading Code Red RMS.’’
During 2012 Code Red signed numerous new firms including several of the largest hedge funds, pension funds, asset managers, foundations, endowments, and consulting firms in North America, Europe, and Asia.