Monday September 13, 3:37 pm Eastern Time
SOURCE: SciComp Inc.
AUSTIN, Texas, Sept. 13 /PRNewswire/ -- SciComp Inc., a software company focused on providing synthesis tools for the financial services industry, today announced that Bear, Stearns Securities Corporation, a wholly-owned subsidiary of Bear, Stearns & Co., Inc., and a global leader in prime brokerage services for hedge funds and other professional trading organizations, has licensed SciFinance(TM) 1.1, a derivatives-pricing software package for quantitative analysts.
Bear, Stearns Securities Corporation (BSSC) purchased a multi-year license for SciFinance in August 1999 after a significant testing period. Financial terms of the deal were not disclosed. Beginning in August of 1999, BSSC will deploy SciFinance in its Risk Control department.
SciComp's software synthesis technology automatically generates custom computer programs from concise specifications of derivative structures -- pricing without programming. This technology produces robust finite difference codes, which often run faster and are more accurate than traditional methods.
Elaine Kant, SciComp's founder and president, said, ``SciFinance will bring value to BSSC because it reduces the time needed to price complex derivative structures. As a global leader in prime brokerage services, BSSC will offer invaluable feedback for SciComp.''
BSSC will use SciFinance's generated code to value and measure the risk of derivative securities. SciFinance will enable BSSC to decrease the turnaround time for derivative model prototyping, said Christopher Engdall, Senior Managing Director of Risk Control in Bear, Stearns Securities Corporation. ``We are confident that SciFinance will significantly enhance our risk management systems,'' Engdall said. ``Our experience with the services of SciComp during the bench-marking process has been very positive.''
Bear, Stearns Securities Corporation is a wholly-owned subsidiary of The Bear, Stearns Companies Inc. (NYSE: BSC - news). With approximately $20.1 billion in total capital, Bear, Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales and trading, private client services, derivatives, asset management, correspondent clearing, securities lending and custody services. Headquartered in New York City, the company has approximately 9,600 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles and San Francisco; and an international presence in Beijing, Buenos Aires, Dublin, Hong Kong, London, Lugano, Sao Paulo, Shanghai, Singapore and Tokyo. For additional information about Bear, Stearns, please visit their Web site at http://www.bearstearns.com.
Founded in Austin, Texas in 1994, SciComp is the leader in technology that empowers its customers to produce complex, mathematical software, eliminating the need for manual computer programming. SciComp's software synthesis techniques can be applied in a wide range of industries, including finance, electronics, oil and gas, pharmaceuticals, automotive and aerospace. SciComp's development team has more than 90 years of combined experience in mathematical modeling, computer science, applied mathematics, physics and engineering. For more information, call David Johansen at 512-451-1050 or visit SciComp's Web site at www.scicomp.com.
SOURCE: SciComp Inc.