10 January 2012
DataArt’s Capital Markets Practice Reports Rapid Growth in 2011
Custom Software Development Firm Boasts Substantial Client Wins and Further Expansion in 2012
NEW YORK – January 10, 2012 – DataArt, a custom software development firm that builds advanced solutions for select industries, announced today that despite challenging market conditions 2011 represented a considerable year-over- year momentum for its financial technology practice. 15 new client wins and a prominent 15 percent division growth, which reflects 100 percent retention rate from financial services clients who signed on in 2008, validate the company’s industry expertise in the key areas of portfolio and risk management, derivatives and market data application development.
The increased demand within the financial technology practice spurred the launch of the wealth management and advisory division dedicated to meeting the diverse and sophisticated needs of asset and investment management along with financial technology, analytics and data provider firms. In 2011, DataArt completed several projects of incredible technical complexity for the front office and electronic trading, enabling many of the world’s largest investment banks to run live on algorithmic trading and transaction processing systems, processing well over 100 million orders each day. Additionally, DataArt’s commitment to build up Private Equity technology expertise has allowed clients to support complex research workflows, valuations and investor reporting.
DataArt’s technology innovations, its strong management and growth have been recognized by prestigious industry organizations, including the 2011 Global Services 100 List and Inc. 5000 List of Fastest Growing Private U.S. Companies. Alexei Miller, Executive Vice President of DataArt, also appeared on the buy-side risk panel at FLP Americas Trading Conference and led the global multi-sourcing transformations panel at the 5th annual FSO summit.
“Despite a down year for large financial institutions, DataArt’s capital market practice grew at a double digit rate which represents the push for engineers who speak the language of finance, “said Alexei Miller, EVP of DataArt. “While we have created solutions to assist large investment firms, many of our new clients are financial technology startups, working on innovation solutions in electronic trading and OTC derivatives. The continued market uncertainty will drive more entrepreneurs to find new resolutions and we are well positioned to collaborate with companies in 2012, big and small, to build applications that are essential to their business and established strong strategic technology partnerships.”
In 2012 DataArt anticipates interest from the financial sector to boost dramatically as firms look to drive efficiencies, reduce costs and minimize software development risks:
- Technology spend will continue to be influenced by regulations in credit risk and capital management, presenting the range of challenges exclusive to the financial services industry
- A new generation of market data providers requiring development initiatives in OTC and complex derivatives will emerge, driving the need for real-time applications
- An increased push toward the cloud: while private cloud technology is now common place in the data center, we may see an increased push towards public cloud and PaaS providers. DataArt is well prepared, having invested in staff and certifications on key cloud platforms, including force.com, Microsoft Azure and Google AppEngine
- An upturn in interest in mobile tablet applications: an area that rocked technology investment elsewhere but until recently received little attention from financial firms. DataArt is currently working on a range of mobile portfolio reporting tools for clients of all sizes
DataArt (www.dataart.com) is a custom software development firm that builds advanced solutions for the financial services, healthcare, hospitality and other industries. Combining domain knowledge with offshore cost advantages and resource flexibility, DataArt develops industry-defining applications, helping clients optimize time-to-market and minimize software development risks in mission-critical systems. With an unrivaled talent pool of highly skilled software engineers in New York, London, Russia and Ukraine, DataArt provides the technical skill, accountability and industry knowledge needed to deliver custom applications on time and on budget.
DataArt clients include Standard & Poor’s, Harmonic Fund Services, Ogilvy, artnet, Panasonic, Cancer Research, Charles River Laboratories, Betfair, Misys, leading asset management firms and three of the top ten investment banks.
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