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Algorithmics cashes in on regulator demands

Toronto-based risk technology company Algorithmics attributed record revenues for its fiscal year 2002 to increasingly stringent banking regulator demands on financial institutions for greater implementation of risk management software.

    • Rob Dwyer
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In the 12 months to January 2002, Algorithmics reported a 16% year-on-year increase in operating revenues. However, the privately held company is not releasing any details on its operating earnings and remains cautious on the timing of its initial public offering (IPO).

“A lot of the demand we are seeing is driven by non-negotiable regulatory requirements," said Michael Zerbs, Algorithmics' chief operating officer. “A number of European regulators, as well US regulators, are telling our clients

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