11/25/2002 - Algorithmics, a world leader in enterprise risk management solutions, and Sun Microsystems confirmed the two companies would continue to leverage their common strengths and vision to help financial services customers succeed in the marketplace. Currently, Sun Microsystems is participating as a Gold Sponsor at the third annual Algo Credit Conference: Working Toward BIS II in Vienna, Austria.
"Strong relationships with key partners such as Sun is a vital component of our success and the success of our customers," said Michael Zerbs, Chief Operating Officer at Algorithmics. "Sun provides technology to many of our customers which include some of the world's largest banks. It makes good sense for both of us to understand each others' strategies, products and explore potential opportunities to deliver enhanced value to our clients."
To date, Sun has furthered their relationship with Algorithmics through their support of the company's Algo Lab initiative. Algo Lab is a collaborative environment established to support various implementation stages of Algorithmics client engagements. Algorithmics' clients have the opportunity to access Sun technology at a number of the Algo Lab sites located in Algorithmics' offices in Toronto, London, New York, Johannesburg and Tokyo.
Sun has also assisted Algorithmics by providing access to benchmarking facilities for shared customers throughout the sales process. Sun and Algorithmics have worked together to complete pre-implementation performance testing using the significant processing power available at the Sun Lab benchmarking centre in Paris. In an extensive simulation, Algo Credit, Algorithmics' comprehensive enterprise credit risk management solution, performed exceptionally well running on a Sun Microsystems F15K with 48 CPU, processing 200,000 positions, 1000 scenarios and 50 time steps. Plans are also underway to explore the feasibility of developing an Algo Lab "super facility" to anticipate sales and development requirements by providing a significantly larger hardware environment.
"We are looking to invest in our relationship with Algorithmics, a company whom we respect as a leader in the risk management field," said Nigel Woodward, Global Manager, Capital Markets and Securities at Sun Microsystems. "As banks prepare to meet the future challenges of BIS II, as well as deal with risk management issues presented by current market volatility, we look to deliver optimum solutions to meet our customers' business needs. A strong relationship between Sun and Algorithmics can help deliver those solutions."
Algorithmics was founded in 1989 in response to the complex issues surrounding financial risk management for the enterprise. Today, as a leading developer of one of the largest and most experienced teams in the industry, Algorithmics continues to focus its efforts on creating and implementing enterprise risk management software that meets the evolving needs of its customers. Continuing its tradition of leading the way in risk measurement and management tools and processes, Algorithmics introduced Mark-To-Future (MtF), a risk-reward management framework, which won Risk magazine's Technology Development of the Year award for 2001. Headquartered in Toronto, with 15 offices around the world, Algorithmics serves more than 140 global clients in 26 countries.
About Sun Microsystems
Since its inception in 1982, a singular vision -- "The Network Is The Computer[tm]" -- has propelled Sun Microsystems, Inc. (Nasdaq: SUNW) to its position as a leading provider of industrial-strength hardware, software and services that make the Net work. Sun can be found in more than 100 countries.
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