Wall Street & Technology | September 13, 2013

5 Game-Changing Financial IT Startups

Finovate 2013 showcased 69 financial technology companies, giving each 7 minutes on stage to show off their latest innovations.
By Becca Lipman

Apprenda – A technology to help financial institutions speed up the development and deployment of software.

Imagine, 3,000 applications, with three months of waiting time per app to for deployment. A collective 9,000 man months of waiting around. This isn’t fiction, this was Apprenda CEO and co-founder Sinclair Schuller’s reality. And it inspired him to build a solution.

“As developers waiting around, we couldn’t start a project in a meaningful way until the prior application was out the door. We would all invest a lot of time rewriting apps that were roughly the same, and every team redid it. It was redundant engineering,” he explains in an interview. “We we needed, and what we’ve built, is a master application platform to pool these qualities. We call it private platform as a service, and banks can run it in their own data center.”

In his presentation, Schuller said, “By decoupling applications from infrastructure and developers from IT, Apprenda empowers organizations to achieve significant cost savings and massive productivity improvements that result in better business/IT alignment.”

With Apprenda’s operating system, which provides all the nuts and bolts for applications, developers are no longer reinventing the wheel and worrying about scalability. Publishing a new application can now take 90 seconds, not 90 days. “We got a lot of traction, 13 out of the top 20 worldwide banks are part of our install base and running the technology.” He adds that Apprenda is responsible for the world’s biggest private platform as service deployment at JPM, with over 500 development teams using the technology and over 3,000 applications on the platform from every line of business.

“We’re seeing live massive productions bear fruit. We’re the first to market, first to have production customers, and the first to have customers at this scale where we can measure real world results,” says Schuller. “Private cloud in general is a very early space, and the more aggressive early adopters in banking have gotten in touch with us. Finovate gives us a chance to get in front of more conservative people who see these production deployments and feel confident they should be making strides in this direction.”