November 02, 2007
Global Services magazine devotes an exclusive cover story to the successful partnership between HedgeSpeed and DataArt, detailing DataArt’s expertise in financial technology and extensively quoting Alexei Miller.
According to the article, HedgeSpeed “realized that a generic software development company wouldn’t be able to provide what they were looking for. They needed someone who was familiar with the capital market and was open to change and innovation. The provider’s understanding of the domain was critical to HedgeSpeed”. The grip on time to market issues was another reason for trusting DataArt with handling development of middle-office liquidity management solutions, which resulted in a “happy customer-provider alliance”.
John DiRocco, CEO of HedgeSpeed, declared that this would be a multiyear strategic deal, to which DataArt brought a “bit of uniqueness with their model of working. Less than 10 percent of DataArt’s team works onsite unlike the industry average of 30 percent. The majority of development work is done offshore in the R&D facility of DataArt in Russia… This 1:9 ratio of onsite to offshore workforce not only saves cost for HedgeSpeed but also enables efficient resource management for both the customer and provider,” writes the magazine.
“In the hedge-funds market, you should be able to reduce the time between product vision and implementation,” the magazine quotes Alexei Miller, Executive Vice President at DataArt. “The whole premise is acceleration.” The deal targets 30 to 50 percent saving on time and roughly the same range of cost savings for HedgeSpeed.
“I like the personal attention we get at DataArt,” adds John DiRocco, CEO of HedgeSpeed.
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