Former Microsoft executive invests US$32 million in NumeriX
Dr. Gregory Whitten Says NumeriX's Business Strategy and its Scientific Team Are a Winning Combination and Backs it Up with a Multi-Million Dollar Investment.
New York - Retired Microsoft executive Dr. Gregory Whitten becomes the largest investor in NumeriX, a state-of-the-art analytical solutions provider for the world's leading financial organisations. Dr. Whitten is a 19-year veteran of Microsoft and current Chairman of the Board at NumeriX. Dr. Whitten believes NumeriX's product roadmap, which focuses on solving the mathematical inefficiencies existing in the capital markets, plus a gathering of more than 50 of the world's top physicists, mathematicians and software engineers, add up to a company poised for ongoing growth and success. The 32-million dollar financing will be used by NumeriX to add Web-based infrastructure to its products and complete key strategic partnerships currently under negotiation with two major Wall Street firms.
"The fact that NumeriX has established market leadership in one of the most difficult technologies on Wall Street piqued my interest," said Dr. Whitten. "However, it was management's extraordinary vision for the company's products that convinced me to take a major position in NumeriX."
NumeriX's customers use the company's software to build pricing models for the most complex segment of trading room products, "exotic" derivatives, and to hedge and manage the trading risk of interest rate, foreign exchange, equity and credit portfolios. With clients spanning three continents, NumeriX is the acknowledged gold standard for over-the-counter exotic derivatives pricing.
"NumeriX is fortunate to have an individual with Dr. Whitten's mix of technical knowledge and business acumen supporting the company's growth," said Craig T. Bouchard, NumeriX President and CEO. "Greg's investment is a voice of confidence in the talented people at NumeriX and their product vision."
During Dr. Whitten's 19-year career at Microsoft, he was Microsoft's Chief Software Architect for Computer Languages and Office Applications. He also started the Windows project and led the initial company-wide object oriented software strategy and the software architecture strategy for the Office, Back Office and Windows product lines. Dr. Whitten has a Ph.D. in Applied Mathematics from Harvard University where he did original research in numerical analysis, analysis of algorithms and econometrics.
"I am confident NumeriX is at the cutting edge of solutions which enable financial institutions and their customers to properly evaluate and manage risk," said Dr. Whitten. I increased my investment because NumeriX is positioned to make a major difference in how Wall Street does business."
NumeriX was established in 1996 and is a provider of modular toolkits and off-the-shelf applications used for structuring, pricing and quantifying the risk of any type of complex financial instrument or exotic derivative.
NumeriX employs nearly 80 people with offices located in Chicago, New York, London, Paris, Tokyo and Moscow. NumeriX's advanced analytics include proprietary algorithms that provide unprecedented speed, accuracy and ease of integration.
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