Red Hat technologies help Ortec Finance deliver
innovation to customers faster with a more open, collaborative
approach to software development
Red Hat, Inc., the world's leading provider of open source
solutions, today announced that Ortec Finance, a leading global
provider of technology and solutions for risk and return
management, has built a cloud-native platform for solutions
delivery using Microsoft Azure Red Hat OpenShift. Using managed
OpenShift has enabled Ortec Finance to continue growing its
business while at the same time enhancing operational consistency
and efficiency to improve product quality.
Ortec Finance provides software solutions to pension funds,
insurance companies, asset managers and wealth management
companies, helping over 600 customers across more than 20 countries
balance risk-and-return tradeoffs and improve investment
decision-making. In service of its mission to continuously optimize
how it serves its clients, Ortec Finance embarked on a technology
transformation to cloud-native applications.
Ortec Finance collaborated with HCS Company to build the Ortec
Finance Cloud Application (ORCA) Platform, choosing Red Hat
OpenShift, the industry’s leading hybrid cloud application platform
powered by Kubernetes, as its foundation. While piloting the first
product, it became clear that Ortec Finance needed a complete,
fully managed platform, which led it to implement Azure Red Hat
OpenShift. Running on Azure Red Hat OpenShift gave Ortec Finance’s
solution engineers and customers the ability to more efficiently
deploy software, oversee access and authorization and manage
applications across multiple Kubernetes clusters. Azure Red Hat
OpenShift provides Ortec Finance with a comprehensive application
platform offering a wider choice of integrated and pre-validated
tools for developers.
With its move to the new cloud-native platform, Ortec Finance
onboarded its Global Wealth Solutions team to modernize and migrate
OPAL, a solution suite enabling advisors in the bank and wealth
management industry to efficiently plan and monitor the financial
goals of their clients with realistic insights. OPAL offers
realistic projections of how an individual client’s investment
portfolio will develop, allowing for timely course corrections
caused by changes in financial situations, financial markets or
portfolio performance. Azure Red Hat OpenShift provides OPAL with
the power to easily and cost-effectively scale clusters as demand
requires and deploy the application in any region as needed to
comply with local regulations. Azure Red Hat OpenShift helps to
increase productivity and quality via automation, boost performance
for the application, and provide economic efficiencies.
With Azure Red Hat OpenShift, Ortec Finance can deliver higher
quality software faster: for example, its delivery lead times have
been reduced from days to minutes, thanks to the ability to release
without human handovers. Ortec Finance sees Azure Red Hat OpenShift
as a future-ready platform, ultimately enabling business growth and
positioning it better to respond to the changing market.
In light of new EU regulations that require companies to report
on sustainability practices, Ortec Finance relied on Red Hat for
support in measuring and understanding the environmental impact of
its cloud computing efforts. The ability to spin up and manage
Azure Red Hat OpenShift clusters in multiple regions allows for
infrastructure elasticity based on user workloads and local energy
grid carbon intensity. Ortec Finance has also used the Red Hat-led
open source project Kepler (Kubernetes-based Efficient Power Level
Exporter) to better observe, analyze, document and optimize the
energy consumption of cloud-native applications.
For the past two years, Ortec Finance has been successful in
serving machine learning (ML) models for residential housing
valuations on Azure Red Hat OpenShift, supporting its institutional
clients in efficient appraisal processes. Now, the company is in
the process of adopting Red Hat OpenShift AI to replace its
maintenance efforts and proprietary code for AI model serving in
its applications. Red Hat OpenShift AI will provide Ortec Finance
with a flexible environment that enables data acquisition and
preparation, model training and fine-tuning, model serving and
monitoring, and hardware acceleration. As Ortec Finance continues
innovating the ORCA platform, the supported integration of Red Hat
OpenShift AI’s capabilities with Azure Red Hat OpenShift will help
speed up the implementation of AI/ML-enabled applications in
compliance with regulatory requirements.
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Supporting Quotes
Marcel Timmer, country manager, The Netherlands, Red Hat
“Enterprises across industries, especially highly regulated
financial services firms, are looking for the right balance between
cloud scale and central visibility and control – Ortec Finance is
addressing this with the help of Red Hat’s managed cloud services.
We are excited to see the strides in efficiency and speed to market
that Ortec Finance is making with Microsoft Azure Red Hat
OpenShift. Ortec Finance is forward-thinking around how AI-powered
solutions can help generate improvements in customer service,
operational efficiency and resilience with the help of Red Hat
OpenShift AI.”
Joris Cramwinckel, technologist, Ortec Finance
“Azure Red Hat OpenShift gives us all the flexibility and
self-service of a vendor-neutral cloud-native platform, together
with the support and firepower of a managed service. Modernizing
our workloads and unifying our teams on Azure Red Hat OpenShift is
already helping us be a faster-moving business and we can see how
OpenShift AI on Azure Red Hat OpenShift will accelerate the
transition of our AI-enhanced solutions from research and
development labs into the hands of customers. We are happy to see
Red Hat embracing the open source KServe project with the OpenShift
AI operator, which will help us apply AI to bring greater
efficiencies and innovation, augmenting the business value we can
gain from Azure Red Hat OpenShift. The platform addresses our goals
of today and fuels our technology successes for the future.”
Klaas-Pieter Majoor, managing partner and CTO, HCS Company
“When the best ideas win, nobody loses. It has been a true
privilege to help guide Ortec Finance on its open source journey as
a trusted advisor from the beginning until today. After a careful
requirements and selection phase of several managed service
providers, we recommended Azure Red Hat OpenShift. Red Hat and
Microsoft’s technology combined with the industry knowledge of
Ortec Finance helps create leading solutions in the market. We are
proud to work together and to continue doing so in the coming
years.”
Additional Resources
- Learn more about Ortec Finance’s global growth with
cloud-native innovation
- Learn more about AI in banking
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Hat Summit newsroom
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About Red Hat, Inc.
Red Hat is the world’s leading provider of enterprise open
source software solutions, using a community-powered approach to
deliver reliable and high-performing Linux, hybrid cloud,
container, and Kubernetes technologies. Red Hat helps customers
integrate new and existing IT applications, develop cloud-native
applications, standardize on our industry-leading operating system,
and automate, secure, and manage complex environments.
Award-winning support, training, and consulting services make Red
Hat a trusted adviser to the Fortune 500. As a strategic partner to
cloud providers, system integrators, application vendors,
customers, and open source communities, Red Hat can help
organizations prepare for the digital future.
Forward-Looking Statements
Except for the historical information and discussions contained
herein, statements contained in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are based on the company’s current assumptions regarding
future business and financial performance. These statements involve
a number of risks, uncertainties and other factors that could cause
actual results to differ materially. Any forward-looking statement
in this press release speaks only as of the date on which it is
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version on businesswire.com: https://www.businesswire.com/news/home/20240506405574/en/
Joy Caracciolo / Amy Elston Red Hat, Inc. jcaracci@redhat.com /
aelston@redhat.com