QuIC Financial Technologies raises $10m in series B funding
10 January 2006 | 1677 views | 0
Source: QuIC Financial Technologies
QuIC Financial Technologies, Inc., a leading innovator in enterprise-wide risk management and financial analytics solutions, announced today that it has secured US$10 million in Series B Equity financing.
JMI Equity, a private equity firm exclusively focused on investments in the software and business services industries, led the financing round alongside existing investors Ventures West, GrowthWorks and Springbank. Proceeds from the financing will be used to build QuIC's sales and marketing and to strengthen its services and support functions.
QuIC (Quantitative Interactive Configuration) has built a leading-edge computational engine for modeling financial risk across all levels of the front-and middle-office functions (Market, Credit, Asset and Liability, Operational and Desk-Level Risk) at financial services firms. The Company's programming allows for flexible, real-time modeling in a stream-lined and efficient environment. Current customers include several of the world's top ten banks and a number of other leading banks in Europe and Asia.
"Our focus at JMI is to partner with great management teams at innovative and leading-edge technology companies," said Bob Smith, General Partner of JMI Equity. "We are particularly attracted to QuIC because of its proven leadership team, all veterans of the financial risk management industry who have backed themselves with an impressive group of leading financial engineers. QuIC is experiencing rapid sales momentum and an enthusiastic reception from the most forward-thinking banks in Europe and Asia, and we look forward to helping the Company continue to grow and expand."
Nigel Cairns, President and CEO of QuIC, added: "We are now fully empowered to fulfill the most demanding needs of the world's largest and most sophisticated banks. This financing will enable us to extend our world-leading financial analytics platform with a stronger international presence and an extended suite of support and services."
"With strong backgrounds in Enterprise Software and Financial Services, Bob Smith and his partners at JMI are ideal investors for QuIC," said Sam Znaimer, Senior Vice President, Ventures West. "Their addition to the QuIC Board and investment partnership is a strong endorsement of management's strategy and execution over the past several years and a validation of Ventures West's confidence in QuIC's team and technology since our first investment in 2001."
QuIC sets a new standard for performance in pricing, risk management and financial analytics with an extremely fast vector-based calculation and simulation platform. The QuIC system offers users customized system functionality that is able to handle the most complex models, instruments and analytics. It also allows users to extend and customize their system's functionality to quickly accommodate new and competitive complex models, instruments and analytics.