HedgeSpeed Selects DataArt as Strategic Software Engineering Partner

November 03, 2007 (PRLEAP.COM) Technology News
New York, NY. November 3, 2007 - 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, where he’d built the business infrastructure necessary to grow from $800 million to over $11.5 billion across 18 global strategies. 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.

According to John DiRocco, "Investors will benefit from lower costs and therefore higher returns. The funds they invest in will have better controls, more flexibility, less risk and enhanced record keeping. Also, no one has tackled the overall liquidity management issue, particularly as it applies to hedge funds. There are some repo systems out there and a few stand alone stock borrow systems. There is one locate system and really only one margin system but none of them interact with one another nor are they generally geared to the 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."

About DataArt: www.dataart.com

DataArt is a leading provider of high-end software outsourcing services for SMEs, specializing in enterprise application development, system integration and business automation tools, with industry-specific software expertise in financial, telecom and media sectors. Headquartered in New York City, DataArt runs R&D centers in St. Petersburg and Voronezh, Russia, in Kharkov and Kherson (Ukraine) and maintains offices in London, UK. In 2006-2007, DataArt was named one of the world's top emerging outsourcing providers by BusinessWeek, by CMP's Global Services 100 and by International Association of Outsourcing Professionals.

Media Contact:
Vica Vinogradova
212-378-4108 x.14