First Derivatives signs software licensing deal with Algorithmics

13 Jul 2010

Specialist Irish software company First Derivatives has signed an agreement with Algorithmics Inc, licensing the use of a First Derivatives’ capital markets software product.

Under the terms of the agreement, Algorithmics will license First Derivatives’ Delta Reference Data Factory (RDF) as the reference data engine with its risk management systems.

Delta RDF is First Derivatives’ open platform product for managing reference data.

“We are delighted to announce this deal for Delta Reference Data Factory. Algorithmics is a leading player in risk management and their requirements for reference data management are comprehensive and forward-looking,” said Brian Conlon, CEO of First Derivatives.

“Algorithmics’ selection of Delta RDF is a strong endorsement, and demonstrates the value of our proven capabilities and open architecture. The deal represents a strong win for First Derivatives and is a validation of the RDF platform, acquired by First Derivatives in 2009,” he added.

“We conducted a thorough proof of concept with Delta Reference Data Factory. It exceeded our expectations and we are very pleased to have found a solution and a firm that meets our requirements so well. We are looking forward to working with First Derivatives,” said Algorithmics’ president and COO, Michael Zerbs.

Algorithmics provides software, analytics and advisory services to financial organisations globally.

First Derivatives employs more than 450 people worldwide and counts many of the world’s top investment banks, brokers and hedge funds as its customers. It has operations in London, New York, Stockholm, Shanghai, Singapore, Toronto, Sydney, Dublin, Newry and Hong Kong.

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