Algorithmics, the leading provider of enterprise risk solutions, today announced that, following its successful acquisition of VIPitech in June 2010, it has made significant steps towards the strategic integration and alignment of VIPitech within Algorithmics. From now on, VIPitech will be known as Algo Financial Modeler and will continue to be sold as a standalone product and also as part of Algorithmics’ integrated family of insurance solutions.
Dr Andrew Aziz, executive vice president of Buy-Side Solutions at Algorithmics, said: “Following the successful integration of the VIPitech business into Algorithmics, the time is right to name VIPitech to fit in with Algorithmics’ family of products. The product has a key role and future in our insurance solution strategy and, going forward, it will be known as Algo Financial Modeler. Since the acquisition, we have retained all existing VIPitech clients, acquired some important new clients and have developed a growing pipeline of new prospects. On the development front, we are continuing our extensive program of product enhancement.”
Candice Thompson, senior director, Algo Financial Modeler, said: “We are very excited by the immediate impact that our product has had within Algorithmics since the acquisition. The future for Algo Financial Modeler is bright, both as a standalone offering and as an integrated solution within Algorithmics. We continue to invest in product development to retain our leadership position. The latest release of Algo Financial Modeler, Version 1.5, contains technological innovations that have the potential to reduce overall hardware costs and improve model run times – something that is particularly important for Solvency II, other risk-based capital regimes and accounting principles. We have observed some models running over ten times faster on the new version.”
Further enhancements to Algo Financial Modeler are planned and an extensive development roadmap has been published to clients and prospects outlining enhancements to the product in line with client and target market needs over the next few years.
