Datasynapse Hires Vice-Presidents for Worldwide Business Development And Sales

Datasynapse
PR NEWSWIRE, January 17, 2001
DataSynapse, a peer-to-peer platform for distributed computing, has hired two vice presidents to accelerate the company's business growth with customer organizations and independent application providers in trading, risk management and business critical, compute intensive systems. The new executives are: Tom Riccardi, Vice President, Worldwide Business Development and Sales, and Rajesh Mirpuri, Vice President, Sales.

"The appointments of Tom, and Rajesh signal the second phase in the evolution of DataSynapse, which is the migration of our leading high performance computing software technology into value deliverables for financial institutions," said Peter Lee, CEO of DataSynapse. "The team leading this extremely vital initiative, Tom and Raj, brings a deep understanding of the industry and has the necessary expertise to develop and support successful business critical customer implementations We couldn't have asked for a more perfect mesh of industry knowledge, energy and vision.

" Tom Ricciardi, a long time member of the Securities Industry Association, Operations Division and formerly the Director of the Compaq Services capital markets consulting practice, will lead the Business Development and Sales organization of DataSynapse. Prior to focusing on trading solutions and collateral risk management consulting at Compaq Services, Tom developed and supported securities lending, electronic trading and risk management solutions as Business Development Director of World Wide Capital Markets for Stratus Computer, Inc. He began his twenty-five year career in financial markets with IBM's data processing division, focusing on brokerage and banking. Tom holds an MBA from Pace University Graduate School of Business and a BS from New York University.

As Vice President, Sales, Rajesh Mirpuri will drive the sales development of direct customer solutions to Banks, Asset Managers, Hedge Funds and Broker/Dealers as well as coordinating initiatives with application providers.

Raj has extensive risk management expertise-and recently joined DataSynapse from State Street Bank where he lead the business development division of Askari, the bank's enterprise-wide risk management solution. Prior to State Street Bank, Raj served as a global business development manager at Reuters, Ltd., working with the company's risk management group. Rajesh earned a BS in finance and international business from the Leonard N. Stern School of Business at New York University.

DataSynapse will focus on assisting customers in applying the DataSynapse high performance computing and enabling technology to specific customer requirements that have industry wide applicability. These solutions will typically be highly compute intensive applications such as securitization in mortgage back securities, pricing and valuation of large risk hedge books, evaluate market and credit risks and limits, credit derivatives, VaR simulations, quantitative and analytical models for real time trading as well as meeting compliance timetables and requirements.

"As a long time provider of trading, operations and risk management solutions, it is very exciting to have the opportunity to help Peter and Jaime build the company and lead this quality team of industry professionals. We are all thrilled to work with Peter Lee and Jaime Bernardin the DataSynapse technology group in offering our solutions to customers seeking to optimize their application performance and leverage their existing investments in technology," said Ricciardi.

DataSynapse (http://www.datasynapse.com) is headquartered in New York with a regional office in San Francisco with plans to expand into the European and Asian markets later in 2001. WebProc(TM), is the DataSynapse Peer-to-peer platform for distributing compute intensive application processes throughout an organization's inventory of idle capacity and underutilized PC resources on its own Intranet. Additional "power by the hour" on demand can be provided by DataSynapse through its 100% broadband community of PCs as needed. WebProc(TM) easily integrates into an organization's proprietary or third party trading and risk management applications and delivers true distributed computing of tasks that efficiently price large portfolios, calculate their risk hedge books, evaluate market and credit risks and limits, as well as process analytics, quantitative evaluations and proprietary trading models.

The DataSynapse Peer-to-peer distributed platform, WebProc(TM), installs easily, supports a scalable, secure, reliable, fault-tolerant architecture and helps an organization realize true value in leveraging its existing investment in technology. The company's initial customers are top tier global banking and capital markets organizations as well as independent software providers. The DataSynapse enabling technology is positioned as a platform for front and middle office compute intensive and demanding performance turnaround users.