Paladyne Launches Credit Master®, a Comprehensive Bank Loan Management Solution
New York, London and Hong Kong, December 2, 2009 – Paladyne Systems, Inc., a leading solutions provider to the global hedge fund industry, today announced it has acquired Oakwood Financial Technologies, LLC (“Oakwood”), a software company providing loan management, administration, and trading solutions for participants in the loan origination and syndicated loan markets. This deal expands the Paladyne technology platform with the introduction of Paladyne Credit Master®, a global bank loan technology and services offering.
“In response to the growing demand for technology solutions in the loan marketplace, Paladyne has released a complete front-to-back office solution for trading and administering complex bank loan and structured deal portfolios,” says Sameer Shalaby, CEO of Paladyne Systems. “Paladyne Credit Master® brings innovative and flexible technology to a manually-intensive loan market which will significantly reduce cost and operational risk for firms trading and supporting this asset class.”
Paladyne Credit Master®, which is based on Oakwood’s technology, provides complete trading and operational support for bank loan processing including front-office portfolio analytics, trade capture and global transaction entry, settlement and closing, multi-currency accounting and P&L reporting, cash management, compliance and document warehousing. Paladyne Credit Master® may operate as a stand-alone application or in combination with the Paladyne product suite for a complete multi-asset class solution. For firms using an accounting system, Paladyne Credit Master® has been tightly integrated into both Advent’s Geneva® and SunGard’s VPM™ including complete facility and credit contract data, global transactions, pricing, and detailed daily accounting entries.
Oakwood was founded in 2007 by hedge fund technology veteran, John Rizzo, who has spent 12 years developing loan management and trading solutions for hedge funds, most recently as the CTO of DB Zwirn. The Oakwood solution was built using industry standard technology and an open and accessible architecture for easy data extraction, integration, and flexible reporting. Paladyne Credit Master® may be deployed as a local installation or accessed remotely as part of Paladyne hosted technology platform.
“As bank debt continues to gain momentum as an investment strategy, fund managers require more technology solutions to effectively monitor their portfolios and control operating costs,” said John Rizzo, CEO of Oakwood Financial Technologies. “The combination of Paladyne Credit Master® with the other Paladyne products provides customers with a highly efficient and cost-effective solution for managing the entire lifecycle of bank loan trading as well as all other asset classes.”
The Oakwood team is now located in Paladyne’s New York City office, and John Rizzo has been appointed as Vice President of Loan Products and Services. Terms of the deal were not disclosed.
