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QuIC Financial Technologies, Inc. completes US$10 million financing led by JMI Equity Increasing Market Demand Accelerates Growth for Financial Risk Management Provider 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. About QuIC QuIC is a global solutions provider for pricing, risk management and financial analytics. The QuIC Engine(TM) provides speed, accuracy and flexibility for pricing and risk calculations regardless of volume or complexity. Based on component technology, QuIC delivers scalable, dynamically extensible and user-customizable solutions, by creating a seamless calculation fabric available to multiple recipients throughout the enterprise. QuIC Product Suite easily integrates with in-house, partner and third-party applications & systems and operates in diverse environments, from a single laptop to a large distributed grid. Applications include data & model calibration, real-time pricing of complex derivatives and high-volume portfolio simulation and analytics for market & credit risk, all delivered by user defined sophisticated valuation and simulation methods. For more information, please visit www.quic.com. About JMI Equity JMI Equity, based in Baltimore and San Diego, is a private equity firm exclusively focused on investments in the software and business services industries. Founded in 1992, JMI has invested in over 60 companies throughout North America and has approximately $700 million of capital under management. JMI invests in growing businesses. The firm's focus is on providing the first institutional capital to self-funded companies. JMI also invests in select recapitalization and management buyout financings. Representative investments include Blackbaud, Inc. (Nasdaq: BLKB), DoubleClick, Inc., Jackson Hewitt, Inc. (NYSE: JTX), NEON Systems, Inc. (Nasdaq: NEON), Transaction Systems Architects, Inc. (Nasdaq: TSAI) and Unica Corporation (Nasdaq: UNCA). For more information on JMI Equity, visit www.jmiequity.com. About Ventures West Ventures West Management Inc., a private venture capital investment group, is one of Canada's leading investors in early stage technology companies. Since its founding in 1968, Ventures West has formed eight venture capital funds representing over $700 million and has invested in more than 130 companies. Ventures West commands the expertise, capital and people needed to help entrepreneurs shape emerging technology companies into market leaders. www.ventureswest.com For press information contact: QuIC Europe: Andy Sephton Write Image, Ltd. 44 (0) 20 7959 5492 Andy.sephton@write-image.co.uk QuIC US/Canada: Derek Shorkey MacLaren McCann +1 604 601 8579 press@quic.com JMI Equity: Chuck Dohrenwend Vice President The Abernathy MacGregor Group (212)-371-5999 cod@abmac.com Ventures West: Sam Znaimer Senior Vice President Ventures West Management Inc. (604)-891-3264 sznaimer@ventureswest.com « Back to 2006 News |
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