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ICON Secures £1.7 million for Supercomputing Company Concurrent Thinking


Concurrent Thinking operates in the High Performance Computing (HPC), or “Supercomputing”, market, where it is a leader in the provision of cluster integration services and parallel computing software.

Globally the supercomputing market is worth $9.2bn. Changes in this market mean that traditional supercomputers are losing market share to more cost effective solutions such as the systems offered by Concurrent Thinking. These systems can be thought of as clusters of ordinary computers, with sophisticated system and application management software. It is predicted that up to 80% of all high performance computing needs will soon be met by clusters, and that the cluster architecture will gain significant penetration in the broader enterprise computing market, thus creating a significant market opportunity for Concurrent Thinking.

Concurrent Thinking operates through two trading divisions, Streamline Computing and Allinea Software. Streamline Computing has established a reputation for delivering high quality clusters in the UK, Europe and the Middle East. It has now delivered over 250 systems, including seven that have appeared in the Top 500 list of the worlds most powerful computers. Its customers include Rolls Royce, Corus, Schlumberger, Serco Assurance, Chevron Texaco and over 30 universities, including most of the UK’s leading universities.

Allinea, Concurrent Thinking’s software arm, provides development tools that allow HPC users to optimise and debug programs on clusters and massively parallel computers. The software has been accredited by the major Tier One vendors such as HP, IBM and Sun Microsystems, and is currently being ported to some of the largest supercomputing platforms in the world. With the advent of multi-core chips for desktop and embedded applications, Allinea is well-positioned to exploit the rapid growth of parallelism and the inevitable need for scalable tools.

“The HPC market is currently undergoing a paradigm shift and Concurrent Thinking is leading the way with its cluster integration technologies, and with its software tools arm, Allinea. Oxford Capital Partners is delighted to support Concurrent Thinking at this stage of its growth and to have led this round of funding, which should allow the company to expand more forcefully into the international arena and develop the next generation of tools for the next generation of supercomputers.” said Dr Victor Christou, Investment Manager at Oxford Capital Partners.

“Over the lifetime of the company, Concurrent Thinking has demonstrated exceptional growth while investing significantly in R&D. We welcome the new partnership with Oxford Capital Partners and the Forward Group, as well as the continued support of existing investors such as Midven, in helping us to achieve our ambitious goals.” said Dr Michael Rudgyard, CEO and founder.

Eddie Harding of ICON Corporate Finance added “We are delighted to have assisted Concurrent Thinking in raising this funding which provides the company with a tremendous opportunity to build upon its current position as a leading provider of cluster-based supercomputers. It will enable management to scale the business; both internationally and also across the wider enterprise computing market.”

Concurrent Thinking was advised by Eddie Harding of ICON Corporate Finance; legal advisers were Robert Bough of Willmer Hale who acted for the company, Barry Maytum of Nabarro Nathanson, acting for Oxford Capital Partners and Joanne Bligh of Browne Jacobsen, acting for Forward Group



Publisher Contact Information:

ICON Corporate Finance
0207 152 6375
nicky@iconcorpfin.co.uk

Company profile of ICON Corporate Finance
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