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DAILY NEWS AND INFORMATION
FOR THE GLOBAL GRID COMMUNITY /
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Systems/Enterprise:
DataSynapse SEES THIRD YEAR OF
TRIPLED REVENUE GROWTH
DataSynapse Inc, an on demand application infrastructure provider and the
fastest-growing Grid computing software company for commercial applications,
announced at the GlobusWORLD annual conference in San Francisco highlights of
its year-to-date worldwide success, including prestigious customer wins,
industry awards, new business partners and tripled revenue growth. The company
also raised $6 million in growth capital and established new offices in San
Jose, Calif., and Paris.
DataSynapse continued to dominate the financial services market in 2003. In
the banking and securities sector, prominent new client wins include: Bank of
America, Credit Agricole Indosuez, Credit Suisse First Boston, Canadian
Imperial Bank of Commerce and UBS. In addition, the company's initial push
into the insurance sub-sector resulted in a number of high-profile wins
including Northwestern Mutual, Nationwide and GE Financial Assurance.
DataSynapse's customer base now includes four of the six largest U.S. banks,
two of the largest global securities firms and three of the top 10 U.S.
insurance companies.
Reinforcing the growing demand for the broader use of Grid computing
technology outside financial services, DataSynapse also achieved customer wins
in the key vertical markets energy, industrial and government/public sector.
New clients include: one of the world's largest integrated energy companies,
Hewitt Associates, a global leader in business services; Bowne & Co Inc, a
global leader in document management solutions; and one of the two largest
U.S. government-sponsored agencies.
Based on the proven business value repeatedly captured by its customers,
DataSynapse won "Business ROI Software Product of the Year" from the Financial
Times Business Group. The company beat out a field of 1,000 competitors for
this award and was also the only company to receive a second leadership award,
"Risk Management Solution of the Year." In addition, DataSynapse was the only
company to repeat winning the NY Software & Information Industry/NY New Media
Association's "Top Technologies" award in 2003.
"With new wins in energy, industrial, financial services and the public
sector, DataSynapse is meeting the growing demand for Grid technology and
extending its reach beyond traditional, compute-intensive environments," said
Peter Y. Lee, DataSynapse co-founder and CEO. "DataSynapse clients are
Grid-enabling a broad cross-section of bottlenecked applications and are
documenting success in generating new revenue opportunities, slashing
operating costs and improving quality of service."
DataSynapse has continued to extend its application-centric approach by
creating integrated, packaged solutions with leading application software
providers across sectors. In addition to its partnership with Algorithmics,
the global leader in enterprise risk management, DataSynapse has developed
co-sell and OEM relationships with ten more independent software vendors
(ISVs) including Calypso, HanoverTrade, Milliman USA, SS&C and SAS.
Among other business partner highlights, DataSynapse deepened its strategic
relationship with IBM by creating joint Grid computing global market
offerings, Customer Insight in Banking and Risk Management and Compliance in
Capital Markets and Retail Banking, designed specifically to accelerate
analytics for financial services clients.
To support DataSynapse's rapid market expansion in new sectors in the
United
States and internationally, Bain Capital Ventures and NeoCarta Ventures led
DataSynapse's $6 million C round, joined by returning investors Intel Capital
Corporation, the New York City Investment Fund, Silicon Alley Venture Partners
and Wachovia Strategic Ventures.
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