1 November 2007
HedgeSpeed Selects DataArt as Strategic Software Engineering Partner
HedgeSpeed Technology, LLC selected DataArt Inc. as a strategic software engineering partner in order to deliver the first comprehensive suite of Middle Office Liquidity Management solutions for hedge funds.
HedgeSpeed focuses on creating unique tools that optimize the entire portfolio finance process. The company's flagship application tracks and analyzes stock borrow function from locates to detailed cost of carry. Additional systems include margin determination, cash control and derivatives contract management. The DataArt team will provide HedgeSpeed with supplemental high-end software engineering services utilizing their advanced systems development lifecycle and large-scale virtual cooperative approach.
Partnership with DataArt created a symbiotic relationship between a high-end software development firm with engineers in Russia and the Ukraine, and a visionary CEO and industry veteran, John DiRocco, former CFO of Citadel. HedgeSpeed offers a concept that didn’t exist in the marketplace to date: that of a single middle office platform incorporating stock locate, borrows, swaps, margin and cash management. There is no portfolio finance system on the market that was built be hedge fund professionals, catering directly to the needs of hedge funds.
DataArt compliments HedgeSpeed's internal development team by providing specialized integration and testing services. “DataArt was chosen for its unique offering among offshore software vendors: deep expertise in the Alternative Asset Management space, which was critical in HedgeSpeed's selection process,” said John DiRocco, CEO of HedgeSpeed.
"DataArt represents the new breed of offshore outsourcing - a combination of advanced IT talent, reasonable cost and deep industry-specific expertise,” said Alexei Miller, Executive Vice President and Head of Financial Technology at DataArt. “We are proud of the financial training program we've built at our offshore engineering centers and we are thrilled to see that the market appreciates it. A chance to serve HedgeSpeed and their blue-chip Hedge Fund clients is the best validation of our model."