In the face of worsening economic conditions, a fund management start-up claimed today that using Open Source software is one of the keys to improving business performance. Covestor believes that, by removing the overhead of software asset management and having the freedom to customise systems without restriction, businesses can use Open Source software to innovate more rapidly than their competitors.
Sirius Corporation plc, the European Open Source services group, is assisting Covestor in the development and support of its production systems, particularly their use of Open Source database technologies.
Covestor provides an online service to allow people to invest directly alongside successful, independent investors rather than in expensive, managed mutual funds. As such, their goal is to de-institutionalise fund management. Currently, Covestor is the only service for proven self-investors to share real investment decisions, gain recognition and earn fees by helping others.
Perry Blacher, Founder of Covestor said: “As a start-up we need to innovate rapidly. Open Source software allows us to do that, both from a cost and speed point of view. We can integrate, configure and build on top of our Open Source software stack freely to meet our changing needs.
Mark Taylor, CEO of Sirius Corporation plc said: “With budgets tighter than ever, the interest in Open Source software has never been greater. The absence of licensing fees means that it saves you money from day one. In the longer term, the ability to customise systems based on Open Source technologies empowers your people to innovate more rapidly.
“We've been saying Open Source software is a no-brainer for a decade. Now we're seeing companies like Covestor realising that it can hold the key to prospering when others fail.”
About Covestor Inc
Covestor is an online real-trade sharing service to enable self-directed investors to compete with professional fund managers. Launched in June 2007, and founded on the belief that successful investment strategy is not the sole province of money management firms, Covestor enables investors to share real investment decisions, gain recognition and earn fees by helping others. For more information visit www.covestor.com
About Sirius Corporation plc
Sirius Corporation plc provides a range of open source services to medium and enterprise level organisations to allow them to maximise their productivity whilst minimising their risk.
Sirius provides support for Open Source VoIP telephony systems, web application development, email and calendaring, file & print, authentication and identity management services, enterprise databases and operating systems. In 2008, Sirius became the only Becta-accredited Open Source software provider to schools in the UK.
For more information visit www.siriusopensource.com