2 February 2010
DataArt and MP Capital, a London, UK based financial services consultancy, today announced that they formed a strategic partnership, which aims to deliver end-to-end technology solutions to the capital markets industry in EMEA. The partnership brings together the best of two worlds: global software engineering capabilities of DataArt, strengthened by years of delivering complex systems to capital markets clients, and an exceptionally strong team at MP Capital, focused on consulting, requirements, architecture and business process optimization.The partnership enables an experienced near shoring capability to meet the demands of the financial services sector. The combined service offering focuses on front, middle and back office solutions and already has a track record serving the most demanding clients on buy- and sell-side, including alternative asset managers and world-leading investment banks.
“DataArt has long advocated multi-sourcing: a practice where clients pick the best vendors from the market based on their expertise in a particular task,” said Alexei Miller, Executive Vice President of DataArt. “Having two leading vendors establish an efficient direct working relationship makes it easier and, ultimately, more efficient for clients to work with both companies’ resources. We have been very impressed with the deep domain expertise, leadership and innovation that MP Capital teams have shown on our joint projects and are looking forward to a successful partnership.”
Jointly, MP Capital and DataArt have the capability to take on projects very early in the process, often at the idea stage, and support it all the way through business case, requirements, design, development, QA and deployment. Given the fast changing environment at many financial institutions, MP Capital and DataArt will have access to each other’s pools of resources to quickly address evolving client needs that often require a combination of domain consulting and software skills, such as extending systems to support new security classes or introducing complex analytical domain-specific calculations.
“The strategy to combine resources through the partnership was in direct response to our clients’ demands, as two things were evident: the post economic crisis caused an increased focus on banks to deliver upon strategies quickly and without the burden of heavy investment in infrastructure and resources; and outsourcing within specialist areas of banking generally underperformed,” said Manish Patel, CEO of MP Capital.
MP Capital and DataArt have been working together on client projects for the past 12 months and tested the relationship to assure that the resources and respective business cultures were compatible to bring their services to the market jointly.