A next generation financial technology company backed by the Harvard Professor who taught Bill Gates, has launched in Wales this week.
Ideoba, which is set to create more than 100 jobs over the next three years, will provide access to global expertise for investment research analysts tapping into a market currently worth $600M.
The R&D centre is based at the Sony UK Technology Centre in Pencoed, south Wales.
Harvard Professor Harry Lewis, the acknowledged global expert on the mathematics of computation and ICT – who taught both Bill Gates (Microsoft) and Mark Zuckerberg (Facebook) – is backing and advising Ideoba.
The company is developing a new generation of search engine for the financial investment sector, including hedge funds, investment banks and private equity groups.
Professor Harry Lewis said Ideoba’s data-mining and profiling technologies will effectively provide a quantum leap in capability. It will have the capacity to map the total global knowledge base of an estimated three hundred million professionals as opposed to existing businesses that utilise smaller-scale, manually generated databases.
The business was founded by Andrew Auerbach, Ideoba CEO, who owns the Wall Street-based Auerbach Group, and Adam Price, Ideoba director of strategy, the former MP, who met and planned the venture while studying at Harvard University.
Mr Auerbach said: “The team being established at the R&D centre brings together Welsh and international expertise to develop Ideoba’s technology platforms, with Harvard ‘DNA’ continuing to drive our vision for delivering a powerful tool for powering knowledge.”
Nine people will initially be employed during the R&D phase in 2014-2015 with numbers set to increase rapidly during 2015 following beta testing with a number of key customers and initial commercial operations.
By 2016-17 as the system is rolled out globally it is envisaged that more than 100 will be employed at the core operations in Wales and that the business will re-locate to larger premises in the Cardiff Capital Region.
Economy Minister Edwina Hart officially opened the new R&D centre. Ms Hart said: “This is an extremely exciting development with huge potential and I am delighted Ideoba chose to locate in Wales. It sends out a very strong message that Wales is a key centre for both financial services and ICT.
“Ideoba will benefit from the knowledge and experience of acknowledged world experts in their field and I am confident they will find the skilled individuals in Wales to help build the company.
“It is undoubtedly a welcomed investment in new generation technology and a great opportunity to promote the fact that world-leading financial sector technologies are being developed in Wales.”
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