Simplex Consulting Limited a subsidiary of Simplex Solutions Inc. (CNQ:SPLX) today announced that it has entered into a strategic alliance with India-based OriginWave, a leading development outsourcer for hedge funds and asset managers.
The alliance follows Simplex's growing business in the hedge fund space and OriginWave's efforts to select a UK partner with strong ties to the hedge fund and asset management communities.
"OriginWave was established by former Goldman Sachs employees and our domain expertise is complementary to Simplex. Having contacted industry participants, it became obvious that Simplex's expertise in post-trade operations is well-known. This made them a good fit for our growth plans in the UK market and beyond. The synergies between our two companies made for an ideal alliance," stated Navin Ram, CEO of Origin Wave.
David Reeve, CEO of Simplex said, "Since 1997 Simplex has been providing post-trade consultancy to hedge funds and asset managers and now works with many of the UK's largest hedge funds. In February of 2005 Simplex launched SecAS, our Securities Administration Solution. SecAS is a managed "pay-as-you-go" service providing customers with remote access to a set of post-trade software modules including ETC/ETD, Reconciliations, and SWIFT. SecAS already has live users but we are always looking for other value-added software which our customers can use. OriginWave provides cost-effective offshore development as well as a number of unique proprietary software products. Together we provide a cost-effective and comprehensive solution for outsourcing back office operations."
Peter Jeffs, Head of Simplex's Securities Division added, "Simplex is a small but highly responsive company. Based on our track record in this area, a number of our clients indicated their interest in working with us in an extended capacity. Since the move into outsourcing is core to our strategy, Simplex is both hungry for the business and flexible in its approach to delivery."