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Rackspace Technology Migrates FINCAD Application Resulting in Better Performance, More Automation and Streamlined Management for the Financial Services Company

May 13, 2021

Rackspace Technology Migrates FINCAD Application Resulting in Better Performance, More Automation and Streamlined Management for the Financial Services Company

Rackspace Technology Migrates FINCAD Application Resulting in Better Performance, More Automation and Streamlined Management for the Financial Services Company 

SAN ANTONIO – May 13, 2021 – Rackspace Technology® (NASDAQ: RXT), an end-to-end, multicloud technology solutions company, announced today its collaboration with FINCAD, a global provider of multi-asset valuation and risk analytics for derivatives and fixed income, to migrate its legacy application to Amazon Web Services (AWS) for better performance, more automation, and streamlined management.

FINCAD, a Canadian financial services company, builds software designed to value financial derivatives serving both retail and institutional investors, including banks, insurance companies and hedge funds. The software helps investors make informed investment and risk decisions with on-demand calculation and analysis of derivatives, alternative reference rates and pricing verifications.

FINCAD partnered with Onica, a Rackspace Technology company and an AWS Premier Consulting Partner, to provide support and guidance through the migration of FINCAD’s web application allowing it to run on more performant hardware, modernize the application, and integrate automation to streamline management.

“Taking an outcome-based, customer-focused approach, Rackspace Technology delivered FINCAD the technical assistance it needed to lift and shift its application to AWS, along with the tools and training required to manage and grow our environment into the future,” said Timothy Lee, Head of Support and Hosted Applications Operations at FINCAD. “The new environment, infused with automation and built on a modernized infrastructure, reduces errors, increases productivity and cuts costs for the FINCAD Hosted Operations team.”

In addition to the application migration, FINCAD is using the technology and knowledge gained from their Rackspace Technology engagement to move more elements to the cloud.

“Providing a Fanatical Experience is more than just technical EXECution; it’s setting customers up for success. Though FINCAD engaged for migration assistance, the Rackspace Technology team dug deeper to help the team simplify workflows and apply security, compliance and disaster recovery best practices,” said Jeff Deverter, CTO, Solutions at Rackspace Technology. “Beyond the technical aspects of moving the application to the cloud, Rackspace Technology also provided in-depth training with customized training modules to ensure that FINCAD could manage and optimize its AWS environment after the project handoff.”

About Rackspace Technology

Rackspace Technology is a leading end-to-end multicloud technology services company. We can design, build and operate our customers’ cloud environments across all major technology platforms, irrespective of technology stack or deployment model. We partner with our customers at every stage of their cloud journey, enabling them to modernize applications, build new products and adopt innovative technologies.

About Rackspace Technology

Rackspace Technology® (NASDAQ: RXT) is the operator of the full enterprise AI stack from governed private cloud to AI inference and agents in production. With an Outcomes-as-a-Service model built on secure infrastructure, data foundations, and forward-deployed engineering, Rackspace delivers business results for regulated and mission-critical industries where governance, sovereignty, and uptime are non-negotiable. Learn more at www.rackspace.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events and can be identified by terminology such as “believe,” “may,” “will,” “potentially,” “estimate,” “continues,” “anticipate,” “intend,” “could,” “would,” “project,” “plan,” “expect,” “is putting,” “designed to,” or the negative of such terms or other similar expressions, although not all forward-looking statements contain these words.

 These statements include, but are not limited to, Rackspace Technology’s relationship with NVIDIA and the NVIDIA Cloud Partner Program, its Enterprise AI Cloud strategy, the anticipated capabilities, benefits and timing of its Institutional Sovereign Pod architecture, Rackspace’s outlook on the AI industry and its ability to deliver, operate, and scale AI infrastructure and solutions for regulated, institutional and sovereign enterprises. Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including, without limitation: Rackspace's ability to realize the anticipated benefits of its relationship with NVIDIA and the NCP program; the availability, cost, and timing of deployment of NVIDIA and other third-party technology; Rackspace's ability to develop, market, and scale the Institutional Sovereign Pod and related offerings on the anticipated timeline or at all; market acceptance of and demand for sovereign and governed AI infrastructure solutions; competition in the AI infrastructure and cloud services markets; capital expenditure requirements associated with AI infrastructure buildout; availability of financing for the AI infrastructure buildout on terms acceptable to Rackspace; Rackspace’s reliance on a limited number of technology partners, including NVIDIA; cybersecurity, data privacy, and regulatory compliance risks associated with serving regulated and sovereign customers; general economic and industry conditions; and other risks and uncertainties described in Rackspace's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Rackspace undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.