Years of working for investment banks taught John Allen and Jeremy Wood, about computing and the financial-services sector. “Banks spend more on IT than any other sector,” says Wood. “Yet often they do not end up with properly compatible systems.”
The pair founded OST Business Rules in 1998 to design software that would combine the data from different trading systems in a bank into a single source of information that can be used to check the bank’s performance. OST has offices in London and New York, and a 30-strong research and development base in Poland. Its clients include Nomura, Standard Chartered and Deutsche Bank. Sales rose 121% a year, from £1m in 1998 to £5m in 2000, and are set to double this year.
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