Tekenable converts Excel models into scalable enterprise systems
20 July 2020 | 0
Tekenable has invested €500,000 in the development of Xl-a-rate, a solution that enables Excel spreadsheet models to run as scalable enterprise systems.
Xl-a-rate supports forecasting, risk pricing and other model-based calculations at scale which traditional Excel cannot. The company added that the solution enables users’ models to run at speeds thousands of times faster than Excel reliably on both on-premise or as a cloud service in Microsoft Azure.
Written in 100% pure .NET, Xl-a-rate was built as a serverless, stateless application which can scale up on demand. Data protection and GDPR compliance is supported through encrypted data transfer and storage, Tekenable’s ISO27001 development and management methodologies and geo-located services in any Azure supported geography.
“Most complex calculations and models in business today are designed by business subject matter experts using Microsoft Excel. This might be for risk assessment, asset valuation, insurance product design, pricing or other calculations,” said Peter Rose, CTO of Tekenable.
“To use the model’s calculations in its business systems, an IT expert must write thousands of lines of software to perform the model’s calculations which can take months to write, test and debug. We developed Xl-a-rate, a powerful solution that uses Excel as the specification of the calculations to be performed, and then executes those calculations, without using Excel, in an on-premise or secure cloud environment. Business professionals keep the familiar, feature-rich Excel interface but now their models can be published and consumed as enterprise-class systems with increased processing speeds, collaboration tools and security.”
“Xl-a-rate is born of experience,” said Nick Connors, MD, Tekenable. “We developed the concept over a number of customer projects that range from banking credit risk to asset valuation, through pricing and pharma modelling, to advanced lending product design and thought it was time we productised the methodology and software to bring it to market faster and repeatably.”