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HARCO TECHNOLOGY EXPANDS IN BELFAST
Belfast 25th March, 2003
Following-on from a significant increase in new business Harco
Technology is relocating to larger offices in the university area
of Belfast. Dr Alan Gillespie will officially open the premises
on 25 March 2003. Dr Gillespie is the chairman of Ulster Bank
and was formerly Chairman of the Northern Ireland Industrial Development
Board and a managing partner at Goldman Sachs.
Harco has six of the world's top ten investment banks as users
of its Data Access and Reporting Tool (DART) software and includes
big names like Morgan Stanley and Deutsche Bank as customers.
DART is used to eliminate unused market data services from major
vendors like Reuters and Bloomberg. The application monitors a
trader's use of real-time information relating to stock, bond
and currency data and switches off unused information.
In February 2003 Harco completed a six-figure deal for its product
at Societe Generale, the second largest bank in France. DART is
being used to control market data spend for 2000 traders in five
global locations including Paris, Tokyo and New York. Harco has
recently signed both London money broker Tullet and Tokyo and
Royal Bank of Scotland as clients. Harco is currently engaged
in late stage trials with five other banks in New York at present.
Harco's Belfast staff, all graduates of Queen's University, are
responsible for development and support. Stuart Harvey, co-founder
of Harco, says "Since early 2002 we have seen an increase
in interest for Harco's DART application as banks seek to reduce
their market data spend". "It says great things about
the quality of our staff that a local company is recognized as
a provider of key systems to some or the world's biggest banks",
says Harvey. "Each of of our customers spend tens of millions
of dollars per year on market data information and DART is an
essential tool to help them control these services". Harco
has sales offices in London and New York.
"As a young and fast growing firm we already have a solid
track record of winning high quality customers", says Steve
Cowler of Harco. "I hope that our new office in Belfast will
provide a solid base from which to build on our strong potential
in international markets".
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