MeesPierson Selects SciComps Derivative Pricing Software
Dutch Investment Banking Firm Buys SciFinance 1.0
Austin October 19, 1998 SciComp Inc., a software company focused on providing synthesis tools for the financial services industry, today announced that MeesPierson, an Amsterdam-based provider of services for the corporate, private and investment banking industries, has purchased a license for SciFinance 1.0, an options-pricing package for quantitative analysts.
MeesPierson purchased SciFinance in October of 1998 after a four-month testing period. Terms of the two-year deal were not disclosed.
Based on SciComps software synthesis technology, SciFinance automatically generates custom computer programs from concise specifications of options structures pricing without programming. This technology produces robust finite difference codes, which often run faster and are more accurate than traditional methods. SciFinance is shipping now, and prices start at $100,000 per year per license.
Elaine Kant, SciComps founder and president, said MeesPiersons position as a global investment banking firm with a sophisticated research group means it can offer invaluable feedback on SciFinance. "Because SciFinance facilitates custom pricing of complex derivative structures, it will bring significant value to MeesPierson," Kant said. "In turn, SciComp will benefit from understanding how a company with MeesPiersons experience in derivative trading and risk management uses SciFinance."
By using SciFinance to develop pricing models for options, MeesPierson will be able to produce models faster than manual computer programming, said Anna Shepeleva, a researcher with MeesPiersons Investment Bank Derivatives Research. "Using SciFinance to develop derivative pricing models will save a tremendous amount of programming work, so it will be incredibly useful to us."
Based in Amsterdam, The Netherlands, MeesPierson is part of the international Fortis group, which operates in the fields of insurance, banking and investments. With offices in all major financial centers in the world, MeesPierson is engaged in corporate banking, private banking, investment banking and information banking. MeesPierson employs over 4,000 people in more than 25 countries. For more information, visit the web site at www.meespierson.nl.
Founded in Austin, Texas in 1994, SciComp is a leader in technology that empowers its customers to produce complex, mathematical software, eliminating the need for manual computer programming. SciComps software synthesis techniques can be applied in a wide range of industries, including finance, electronics, oil and gas, pharmaceuticals, automotive and aerospace. SciComps 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) 451-1538 or visit the web site at www.scicomp.com.