This name change aligns the company name and product suite under the QuIC brand.

In its first full year of commercial operations, the company's QuIC (Quantitative Interactive Configuration) technology has been successfully deployed at a number of financial institutions globally, including seven tier 1 banks. The technology, which is vector based, has the ability to provide fast and accurate pricing and risk analytics and has been successfully deployed in both the front and middle offices to date.

The key value proposition for the front office is revenue generation. QuIC based solutions can calculate prices at high speeds, regardless of volume or complexity. Alternative solutions can take hours to perform the same calculations. The QuIC solution is flexible, significantly reduces time to market and offers rapid deployment. It can run on multiple operating systems and has been designed to scale up or down to run on anything from a single laptop to large distributed server environments.

Today's middle office requires an intraday up-to-date picture of risk at multiple levels from the desk to across the enterprise. QuIC allows financial institutions to run reports and monitor risk with complete accuracy in a fraction of the time when compared with other vendor systems. Calculations and simulations are not limited by size or complexity and deployment and processing power is scalable across an organisation.

Nigel Cairns, President and CEO of QuIC, commented: "Our new name reflects our capabilities and commitment to providing the best solutions to our customers, prospects and partners. By aligning our company name with our products and technology we are giving a clear message to the marketplace about the services we provide. This is also an exciting time for QuIC as after many years of groundbreaking R&D, we have produced and implemented technology that provides a fully integrated plug and play pricing and risk management solution, allowing clients to pick and choose the functionality they need on demand. We have a healthy pipeline of customers who are crying out for a solution with the capabilities that QuIC offers, our solution is easily deployed and works in conjunction with existing systems and infrastructure."