Codefarm opens US office.
London, March 28 2007
Codefarm, the structured credit technology company, has opened offices on Broadway in New York city to provide local support for its rapidly growing North American customer base.
Following its launch as an online service last year, Codefarm's Galapagos Structurer, is now used by more than half of world's top ten structured credit desks to automate and optimize their CDO structuring. With offices in London and New York, Codefarm now has a presence in the two main global hubs of CDO issuance.
“The opening of offices in New York is an important step in our growth,” explained Jeremy Mabbitt, Managing Director of Codefarm. “Since four of the world's top ten CDO arrangers are based in the USA and two of them account for more than one-third of total global CDO issuance, Codefarm's presence in New York is key to our strategic objectives.”
“Several US-based Tier One investment banks are already using Galapagos,” continued Mabbitt. “US issuers have been very impressed by the superior performance of Galapagos in head-to-head trials and value the fact that as an online service it can be deployed within hours. Through our New York offices we are offering local support and consultancy services for Galapagos, the leading CDO structuring technology.”
Codefarm has already expanded its headcount in the US. Robert Stone has been recruited as Head of Sales North America. Robert was previously at Sungard where he was VP for Sales. Rebecca Leeper, previously a services support manager at HP, has taken up the post of Support Manager.
About Codefarm
Codefarm is a technology company providing products and services to help investment banks and financial organisations achieve better returns in the structured credit market.
Applying mathematical approaches based on evolutionary computing, Codefarm provides powerful new tools for tackling highly complex combinatorial and numerical modelling problems. Its Galapagos software harnesses the processing power of grid computing, rapidly delivering optimal solutions and evolving them to keep pace with changing market conditions. By targeting exact requirements without simplification or compromise, Galapagos automates manual processes and consistently outperforms other methods.
With a policy of recruiting high-calibre personnel who quickly grasp the complexities of new financial markets, Codefarm can rapidly tailor its products to client needs.
Codefarm's growing client list includes many of the top investment banks and it is now a clear leader in maximising returns on structured derivatives products.
Codefarm is a privately-owned company with headquarters in Brighton, UK. For more information, see www.codefarm.com
Media Enquiries
Stephen Fleming at Palam Communications
Tel: +44 (0) 1635 299116
Email: sfleming@palam.co.uk
Web www.palam.co.uk
General Enquiries
Galapagos Structurer
Lindsay Gardner, Marketing Manager, Codefarm
Tel: +44 20 70021423
Email: info@codefarm.com
Web www.codefarm.com