Modelling Design Partners (MDP), the data analytics company, has completed a new round of investment, adding five equity partners to its board as part of a major expansion plan.
The firm which offers software solutions and consulting services to help businesses improve their financial models, and increase profitability, has recruited new expertise to grow its business in sectors including insurance, banking and healthcare.
The new directors bring a wealth of experience in financial modelling and computer engineering, having worked for a range of large institutions including Accenture; Towers Watson; Ernst & Young; Denel Dynamics; Thomson Reuters; Sybase; Munich Re; Scottish Widows; Standard Life; ING; ABN AMRO; Barclays and Royal Bank of Scotland.
The additional investment into MDP, which has offices in London, Edinburgh and Johannesburg, will be used to develop new software and adapt existing products for its target markets.
The company already has a record of success in the insurance and banking industry and the wholesale trading industry, where it helps companies to choose the right technology investments for data analytics, process automation and financial modelling solutions.
In particular, it advised insurance companies on their modelling procedures to ensure they complied with insurance regulations whilst improving efficiency and strengthening software governance procedures.
Daniel de Bruin, the company's managing director, said: "During the last quarter we have attracted new funds from individual investors and this will allow us to focus on the further development of our data analytics software.
"We have expanded our board of directors to include members from diverse backgrounds allowing us to focus on areas of interest, including pricing analytics, banking, and healthcare. We will be providing more details about our software platform during the second quarter of 2014."
Among those joining the board is Brad Thiele, who has held senior roles at Barclays and Royal Bank of Scotland; investment director Stewart Allan, a former senior manager in asset liability and capital reporting at Scottish Widows; Cameron Ross, director of actuarial services, who was previously a modelling consultant at Ernst & Young, one of the UK's largest audit firms; marketing director Gerrie Coertzen, who has spent the past 15 years developing and implementing marketing and communications strategies in the professional services industry; and Karel de Bruin, a computer engineer with experience of enterprise software deployment, aerospace embedded programming and research and development.
Daniel de Bruin, who founded MDP in 2010 after working as a consultant in financial modelling for financial institutions including Santander, ING and Munich RE, said: "The financial sector is only one of the areas we are focusing on as our software platform can provide solutions to large businesses across a variety of industries.
"Financial institutions, in particular, are starting to understand that cloud-based systems are no less secure than their own in-house systems, especially if such systems are based in Europe.
"They also are recognising the ability of external cloud solutions to deliver much faster than their in-house legacy structures could ever dream of. Banks and insurance companies also recognise the need to leverage both internal and big data to understand their customers better, stay ahead of their competition and increase profit."