AUSTIN, Texas, Sept. 19 /PRNewswire/ -- SciComp Inc., a leading provider
of automated software synthesis technology for financial markets, and
Powerllel Corporation, a leading provider of parallel and distributed
computing solutions, announced today that they will form a strategic alliance
to develop and distribute a parallel-processing version of the SciFinance(R)
suite of products.
This integration extends SciComp's paradigm -- generating custom
derivative pricing codes without programming -- to the generation of parallel
and distributed codes. With no additional development work, customers can reap
the performance benefits afforded by running their pricing models in parallel
on a cluster, grid, or distributed resource-managed environment. The first
joint product release, scheduled for Q4 2003, will be a Powerllel-enabled
version of SciMC(TM). SciMC is SciComp's derivative pricing software that
uses the Monte Carlo method and supports a range of financial instruments
including the pricing of American-style options using the Longstaff-Schwartz
approach.
"In today's cost-conscious world, organizations are looking for technology
solutions that effectively address their needs, reduce associated business
costs, development costs and risks, and are inexpensive to maintain," said
Eliot Listman, CEO of Powerllel. "The integration of Powerllel's software with
the SciFinance suite of products provides clients with solutions that meet
these goals."
Powerllel's software significantly reduces the development time, costs,
and risks associated with adapting applications, systems, and models to run in
a distributed and parallel computing environment. Powerllel's software can
address both simple and complex parallel computing problems, and it supports
both "coarse grain" and "fine grain" parallelism. The performance benefits of
Powerllel's software may be realized with a local cluster of machines, with
blades, or as part of a larger grid solution.
"Being able to automatically create distributed and parallel simulation
codes makes Monte Carlo an even more effective method," says Elaine Kant, CEO
of SciComp. "We are pleased to be working with Powerllel to give our clients
access to faster Monte Carlo implementations that make it practical to price a
wider variety of structured products, especially for demanding and rapidly
growing areas such as credit derivatives. This enables our customers to model
complex transactions and quickly generate risk measures that are critical for
decision making."
About SciComp, Inc.
As the recognized leader in software synthesis, SciComp provides automated
pricing technology to the financial services industry. SciComp's products are
used by some of the world's largest investment banks to decrease the
turnaround time for derivative model development. Visit http://www.scicomp.com or
call 512-451-1050 for more information.
About Powerllel
Powerllel Corporation is a leading provider of solutions for accelerating
the performance of applications by adapting them to run in a parallel and
distributed computing environment. Powerllel reduces the development time,
costs and risks associated with distributed and parallel computing solutions
by providing standardized and automated parallel computing services including
a generic parallel application framework that can be used for new, existing
and legacy applications. For details visit http://www.powerllel.com, e-mail
info@powerllel.com or call (646) 202-9891.
Company contacts:
David Johansen
SciComp Inc.
(512) 451-1050 ext. 203
johansen@scicomp.com
Dean Tallam
Powerllel Corporation
(646) 202-9891
dtallam@powerllel.com
SOURCE SciComp Inc.
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Related links:
http://www.scicomp.com
http://www.powerllel.com
CONTACT:
David Johansen of SciComp Inc.,
+1-512-451-1050, ext. 203, johansen@scicomp.com; or Dean Tallam
of Powerllel Corporation, +1-646-202-9891, dtallam@powerllel.com
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