Financial services software developer Classic Solutions has attracted $6 million in private funding and an alliance with Ernst and Young to boost a planned expansion into the United States.
Classic Solutions specialises in risk management software for financial services organisations and has remained a private company since its inception in 1989. Its core solution, named MoSes, was built using C++ for its calculation engine and Microsoft Visual FoxPro for its interface and data handling.
Technology Venture Partners and a private investor in the US both contributed $2 million to the developer in the second quarter of this year, while the company is also due to receive a further $2 million worth of funding from a Government START grant in the next 18 months.
This funding will aid the company expand its sales force into the US, in addition to a strategic partnership signed with Ernst and Young. The Actuarial Services division of Ernst and Young has developed applications that sit on top of the Classic Solutions platform, specifically suited to the US financial market. Ernst and Young aim to gain revenues from the agreement through the provision of consulting services alongside MoSes sales.
Classic Solutions CEO Mark Schneider expects to generate $15 million in revenues for the current fiscal year and also expects to make the transition to becoming web-based in the next six to 12 months.