Quaternion Risk Management has agreed a strategic partnership with AcadiaSoft Inc. that could lead to 20 new jobs at the firm.

The company booked a loss of €580,000 in 2016, when the payroll overhead for nine staff was €739,000. Enterprise Ireland funded the company with a payment of €97,000 in 2017, and an additional €700,000 in taxpayer funding was paid in May 2018.

Quaternion is based in Dublin and has a presence in London, Dusseldorf and New York. Quaternion partners with Columbia University on systemic risk projects and launched Columbia University’s Fintech Lab in late 2016.

The new partnership will focus on helping firms with non-centrally cleared derivatives portfolios meet the operational and regulatory challenges associated with Initial Margin requirements.

The initiative couples Quaternion’s quantitative expertise and AcadiaSoft’s capabilities in market standard applications allowing clients to access a range of services via the secure environment of the AcadiaSoft Hub.

In Association with

Quaternion CEO Donal Gallagher commented: “Combining AcadiaSoft’s existing infrastructure with our risk analytics tools presents opportunities to create new products that will greatly benefit both the smaller players in the non-centrally-cleared market facing near-term hurdles, as well as larger, established institutions looking to reduce spend on functions that have become ‘business-as-usual’ and could now be more efficiently outsourced and standardised.”

Enterprise Ireland CEO Julie Sinnamon said: “I welcome Quaternion’s announcement that the company will create 20 new highly-skilled jobs in a rapidly growing sector in Ireland. Our team has supported Quaternion for several years to enable the company to realise its global ambition.”

Photo: Donal Gallagher with Julie Sinnamon (right) and business minister Heather Humphreys. (Pix: SON Photographic)