New York, June 8, 2004 -- Savvysoft, the market-leading vendor of derivatives analytics, today announced the release of TurboExcel at booth 1414 at the SIA Show in New York. TurboExcel uses a patent-pending technology which:
Radically reduces the time it takes to recalculate Excel spreadsheets. In tests, spreadsheets which formerly ran overnight now run in a minute and a half, and spreadsheets which took 15 minutes now run in 6 seconds, fully 300 times faster.
Allows spreadsheet models to immediately migrate to front-, middle-, and back-office systems, such as those from SunGard, Misys, and others, even to Unix/Linux platforms. Spreadsheet migrations taking a few weeks can now happen in a few minutes. This is 500 times faster.
Encapsulates an entire model into a single function, which removes the ability of other users to inadvertently break a spreadsheet by changing it without fully understanding the logic, and also locks up proprietary algorithms from prying eyes.
Excel users now have the freedom to use their spreadsheet inside any office system because with TurboExcel, it only takes a few minutes to fully integrate their Excel spreadsheets into other systems. TurboExcel also handles spreadsheets that contain any Excel built-in functions (including the Analysis Toolpak), and it also accommodates external add-ins as well.
How does TurboExcel technology work?
TurboExcel takes complete advantage of the fact that programming code runs much faster than spreadsheet code. What makes TurboExcel work so well is that it actually converts the Excel spreadsheet formulas into C++ programming code, and then compiles it into binary code (0's and 1's).
As a spreadsheet, Excel needs to trade off between speed and flexibility. Every time the user hits F9 to recalculate in Excel, it needs to convert every cell in the spreadsheet into the binary 0's and 1's that the computer understands, as well as determine the right order to calculate the cells, and how to format them. TurboExcel isn't hampered by any of that. TurboExcel directly generates binary code, so when the calculations are performed there's no overhead. Savvysoft tests show this makes Excel run up to 300 times faster.
Essentially, TurboExcel is a programmer, but far better because TurboExcel can code much faster, much cheaper, and with no errors or bugs. The implications of this are far-reaching: TurboExcel technology empowers spreadsheet users who have no programming knowledge with the ability to program in C++. Excel is their interface for programming in C++.
Rich Tanenbaum, founder of Savvysoft, stated "TurboExcel is one of those products that makes people say: 'Why didn't I think of that?' It's a simple idea, with powerful benefits that can be realized immediately. We're not only selling the product, we're actually using it ourselves, and have already reaped huge benefits from it."
Jerome Montpetit of Export Development Canada, a TurboExcel user, said "TurboExcel tremendously reduces the time required to model highly complex transactions, from days to minutes. And once TurboExcel writes the model, it can be used both inside Excel, and inside our front-office system. The product requires absolutely no programming. With TurboExcel, I'm able to write sophisticated C++ programs in minutes using only an Excel spreadsheet. Doing it directly in C++ would take several days."
TurboExcel is available now, and Savvysoft is offering a free trial.
Savvysoft is a New York City-based provider of high-caliber OTC derivatives analytics, derivatives integration software, software for tracking portfolios of OTC derivatives, and market implied default rates. Savvysofts analytical products handle OTC derivatives in many markets including: equities, interest rates, FX, commodities, convertibles, MBS, electricity, energy, and credit. The companys integration products facilitate the integration of analytics into any open third party system or in-house system. Savvysoft products are used by thousands of institutions in 15 countries worldwide. The institutions include top-tier banks, dealers, brokers, money managers, energy suppliers, corporate treasurers, auditors and consultants. Savvysoft was founded by Rich Tanenbaum, the head of Derivatives Research at Bankers Trust (now Deutsche Bank). Rich was a founding member of the first OTC derivatives desk on Wall Street which was at Bankers Trust. Savvysoft's corporate headquarters are located at 17 State Street, 4th Floor, New York, NY 10004 U.S.A. Tel: +1 212-742-8677; Fax: +1 212-425-8677; Web: www.savvysoft.com, www.turboexcel.com
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