NuTech Solutions 2003 News
8/4/2003 - Charlotte Business JournalDeloitte & Touche's Technology Fast 50 program honors the state's fastest-growing technology companies based on revenue growth during the past five years. The winners will be honored at a luncheon September 17 during the Business to Technology Conference at North Carolina State University. Deloitte & Touche also recognizes "Rising Star" companies. Rising Star nominees are selected based on revenue growth from 1999 to 2001. Companies must be in business for either three or four years. Charlotte companies named to that list are NuTech Solutions Inc., Goodmortgage.com and MindBlazer Inc. read more...
7/21/2003 - eWeekFrank Abagnale, a leading fraud-detection expert and author of "Catch Me If You Can," last week joined NuTech Solutions as board advisor. The company provides predictive analytics and profit optimization software. Abagnale was the subject of the 2002 movie "Catch Me If You Can," starring Tom Hanks and Leonardo DiCaprio. After getting caught running his own fraud schemes, Abagnale worked with the FBI and companies to create fraud-detection procedures and programs, as well as secure checks. read more...
7/16/2003 - Local Tech Wire When a middle-market company needs investment bank services, they no longer have to go to a huge New York firm where they'll be a small swimmer in a big pool, says McColl Partner Lorin DeMordaunt, the firm's technology specialist. "A desire to work with a big name New York investment bank may not be the best strategy for a middle market company.
DeMordaunt says he sees a clear trend developing regionally and nationally toward the combination of two growing companies such as NuTech Solutions and BiosGroup to form a much stronger commercial entity. NuTech Solutions, for instance, acquired not only the complementary intellectual property of BiosGroup, but also its impressive group of A-list clients.
"It's a trend we're seeing more and more," says DeMordaunt. "Two companies still growing, one may be weaker than the other, merge to form a much stronger platform. The combined company has much greater access to capital than either would have had alone. read more...
7/15/2003 - Local Tech WireNuTech Solutions adds a star advisor to its star-studded board as Frank Abagnale, author of "Catch Me If You Can." Director Steven Spielberg made a popular movie of Abagnale's tale of his exploits as an impostor and master check forger. Abagnale successfully posed as an airline pilot and lawyer as he traveled the world writing bad checks.
Frank Abagnale has developed new procedures and created manuals and educational programs utilized by over 14,000 financial institutions, law enforcement agencies and corporations around the world today. Abagnale has been associated with the FBI for over 25 years and lectures extensively at the FBI Academy and for the field offices of the Federal Bureau of Investigation. He also designed the IPS (Integrated Payment System) Official Check, which thousands of financial institutions issue in place of cashier’s checks more than 300 million times each year. Abagnale also designed and developed SAFEchecks and Check Plus programs that provide small and medium size businesses with an inexpensive, secure check. read more...
7/3/2003 - DM ReviewThe problem was primarily route or delivery improvement. BB&T was looking for a way to bring in house the design and optimization of our courier routes that get checks into our check processing centers. We believed that we could find efficiencies that our courier service vendors were not finding and thereby lower our expenses, improve workflow, or achieve both. The ARROW system is designed specifically to optimize the courier routes taken by BB&T's couriers, and bring about route and delivery improvement. BB&T uses the entire functionality of the system particularly the system's routing intelligence and the capability that the system provides in considering the bank's check volume in the route design. In terms of benefits that the system has provided, BB&T has been able to use the solutions generated by ARROW to find routes that improve the bank's workflow. read more...
6/16/2003 - CIO InsightHere's a story that got lost as the dot-com bubble expanded. In 1998, as the Nasdaq Composite Index smashed through 2000—on its way to over 5000 just two years later—executives at The Nasdaq Stock Market Inc. were worried about illogically high equity valuations. Stock prices were going up faster than earnings, and outlandish price-to-earnings ratios—when there were any earnings to consider—weren't dissuading investors from buying more and more shares. So Alfred Berkeley, who was president of Nasdaq at the time, contacted Michael Brown, Nasdaq's chairman at the time (and a former chief financial officer at Microsoft Corp.), and asked him what Gates & Co. would do if faced with such a deeply perplexing business irregularity. Brown responded that Microsoft would hire the smartest people anywhere in the world to analyze it—and he told Berkeley that for this problem, he should contact BiosGroup Inc., a business strategy consultancy in Santa Fe, N.M.
Out of this conversation an intriguing collaboration emerged between Nasdaq and BiosGroup, in which a new, virtually untested programming technique called agent-based modeling was used to create an alternate, computer-based version of the exchange, which mimicked in all ways the behavior of Nasdaq and its participants. By running this dead-ringer simulation of Nasdaq over a period of nearly three years, BiosGroup scientists succeeded in forecasting the exchange's performance under a range of market conditions. In February of 2003, BiosGroup was acquired by Charlotte-based NuTech Solutions. read more...
6/2/2003NuTech Solutions, Inc., a premier provider of advanced predictive analytics and profit optimization software products for Global 1000 companies, announced today that it has formed a strategic alliance with Syntragy, L.L.C. The alliance will add NuTech Solutions’ Adaptive Business Intelligence software to Syntragy’s energy industry offering.
“NuTech Solutions’ software and analytical solutions are an important new offering that Syntragy can recommend to its clients,” said Les Sisemore, President of Syntragy. “We often find that our clients’ most difficult challenges center around uncertainty and change. Before NuTech Solutions arrived, the energy industry didn’t have clean solutions to its biggest operational and resource allocation problems. Now that Syntragy has partnered with NuTech Solutions, we are able to implement solutions that are forward looking, adaptive, and smart.” read more...
5/30/2003NuTech Solutions, Inc., a premier provider of advanced predictive analytics and profit optimization software products for Global 1000 companies, announced today that it has launched version 8 of its Vehicle Distribution System (VDS) software.
Major enhancements over the previous version of VDS include the addition of the “Featured Auction Selection Tool” or “FAST”. NuTech Solutions has teamed up with numerous independent auto auctions and transportation providers across the country to expand the robustness of the VDS pricing and optimization engines. By incorporating actual sales reports, sales fees, and transportation costs, FAST enables the VDS program to evaluate and calculate a greater set of sales scenarios to further maximize the net sales lift per vehicle. read more...
5/23/2003NuTech Solutions, Inc., a premier provider of advanced predictive analytics and profit optimization software products for Global 1000 companies, announced today that its Chief Executive Officer, Matthew Michalewicz, has been chosen as a finalist for the 2003 Carolina’s Ernst and Young Entrepreneur of the Year Award.
Last year, the Charlotte Business Journal named Matthew Michalewicz to Charlotte’s “40 under 40” list of accomplished business leaders, and UNC-Charlotte honored Michalewicz with the 2002 “Young Alumnus of the Year” award. Recently, he was also named a finalist for the 2003 Charlotte Chamber Entrepreneur Award. read more...
5/19/2003NuTech Solutions, Inc., a leading provider of advanced predictive analytics and profit optimization software products for Global 1000 companies, announced today that its Polish subsidiary, NuTech Solutions Poland, Sp. Z.o.o., has been awarded a data analytics and modeling contract from PKN Orlen S.A.
NuTech Solutions will use its proprietary data mining tools to analyze these transactions and to build a comprehensive model of the behavior of PKN Orlen customers. The consumer models developed by NuTech Solutions will then be linked with PKN Orlen’s internal databases. The first release of the consumer models for PKN Orlen’s operation is scheduled for December 2003.
“We are pleased to add one of the largest crude oil corporations in Central Europe as a client of NuTech Solutions,” said Matthew Michalewicz, CEO, NuTech Solutions. “Given our strength and track record in analytical, modeling and optimization solutions for clients such as ChevronTexaco and Ford Motor Company, we look forward to working with PKN Orlen on this project.” read more...
5/14/2003 - Local Tech WireNuTech Solutions, which develops predictive analytics and profit optimization software, closed more than $2 million in third-round funding from a number of angel investors, many of whom have backed the company previously.
"Based on the company's performance and success to date, the major investors in NuTech Solutions' have great confidence in the company's strategy and business plan," says Bill Gaither, former chief executive of Heafner Tire Group Inc. and one of NuTech's largest investors. Gaither also serves on the company's board.
Michalewicz says NuTech began putting together the round, which brings its total outside funding to $14 million since its inception four years ago, two months ago after it acquired New Mexico-based BiosGroup, another analytical software firm. By sticking with its existing investors, the company was able to complete the round quickly amid a lousy environment for technology investing. read more...
5/7/2003 - Business JournalNuTech Solutions has named Kevin Kostuik Director of Strategic Accounts, responsible for the company's largest customers. He will also establish channel partnerships and market early-stage products.
“Kevin has a unique and powerful background in predictive analytics, modeling, and optimization solutions,” said Matthew Michalewicz, Chief Executive Officer of NuTech Solutions. “From delivering projects through to managing multi-million dollar Fortune 500 accounts, he has been a leader in creating business value with leading-edge technologies. We’re excited that Kevin will be in a position to maximize the value that NuTech Solutions delivers for its clients.” read more...
5/5/2003 - Business JournalThe Charlotte Chamber has named the finalists for its 2003 Entrepreneur Awards. The awards recognize local entrepreneurs who have turned their dreams into successful businesses. The award celebrates the significant vision, innovation and determination that are the hard-earned hallmarks of the company’s success. Since 1984, the Charlotte Chamber has recognized more than 50 outstanding business owners for their achievements, including Harvey Gantt, Mary Tribble, Allen Tate, Elaine Lyerly and Rick Bainbridge.
“Matthew Michalewicz has done an exceptional job leading NuTech Solutions to success over the last three years, and I am pleased that his hard work to create shareholder value has been recognized by the Charlotte Chamber,” said Lech Walesa, former President of Poland, who serves on NuTech Solutions’ Board of Directors. read more...
4/29/2003NuTech Solutions, Inc., a premier provider of advanced predictive analytics and profit optimization software products for Global 1000 companies, announced today that it has been named one of North Carolina’s Top High-Tech Companies for 2003 by KPMG and “Business North Carolina Magazine.” The list of 30 leading companies compiled by KPMG included both public and private technology businesses in North Carolina. NuTech Solutions led the group in revenue growth by a large margin.
“NuTech Solutions has made consistent progress since its inception in 1999, and has more than doubled revenue each year despite the economic downturn and reduced overall spending on technology, “ said Bill Gaither, former Chairman and Chief Executive Officer of Heafner Tire. “NuTech has worked hard to create shareholder value and achieve the progress that has been recognized by KPMG and Business North Carolina magazine.” Gaither is also an investor in NuTech Solutions, and serves on the company’s board of directors. read more...
3/11/2003 - Business JournalNuTech Solutions, Inc., a leading provider of advanced predictive analytics and profit optimization software products for Global 1000 companies, announced today that its German subsidiary, NuTech Solutions, GmbH., has been awarded a two-year predictive analytics and optimization contract from Beiersdorf AG.
“NuTech Solutions has served Beiersdorf since 1999 as a supplier of predictive analytics and optimization solutions, and we are pleased to extend our relationship with Beiersdorf through the signing of this new contract,” said Matthew Michalewicz, CEO, NuTech Solutions. “We look forward to providing Beiersdorf with our leading-edge business intelligence solutions as well as working with them on joint development initiatives.”
Beiersdorf was established in Hamburg in 1882 and today is a leading European supplier of branded consumer products for cosmetics and personal care, wound care and adhesive tapes. Beiersdorf markets its products in more than 100 countries around the world, employs over 17,500 people, and achieved sales of more than 4.7 billion euros in fiscal year 2002. read more...
3/4/2003NuTech Solutions, Inc., a provider of advanced predictive analytics and profit optimization software products for Global 1000 companies, announced today that it has named Mike Neely as Vice President of Government Solutions. Neely will lead the Washington D.C. office of NuTech Solutions, and be responsible for accelerating the growth of the company’s government business with existing department and agency clients in the United States and abroad.
Neely brings over 20 years of experience in and around the United States Federal Government. After serving 10 years in the United States Army Intelligence Corps, Neely left active duty in 1993, spending the next seven years with two major Washington, D.C. area defense contractors as a Project and Section Manager serving a variety of clients including the Department of Defense, the State Department, and various Intelligence Community organizations.
“Mike has built a tremendously successful career developing and managing high technology projects for government agencies, and his background and expertise will greatly benefit our government clients in his new leadership role,” said Matthew Michalewicz, Chief Executive Officer of NuTech Solutions’. read more...
2/27/2003NuTech Solutions, Inc., a leading provider of advanced predictive analytics and profit optimization software products for Global 1000 companies, announced today that it has completed the acquisition of the software development and consulting operations of privately-held BiosGroup, Inc. The acquisition was accounted for as an asset purchase, and financial advisor McColl Partners, LLC represented NuTech Solutions in the transaction. McColl Partners, as well as McColl Partners’ Founder and Chairman Hugh McColl, are both equity investors in NuTech Solutions. BiosGroup founder Dr. Stuart Kauffman, and BiosGroup Chairman Robert MacDonald, have also joined NuTech Solutions’ board of directors.
“The science of complexity and complex adaptive systems is having a positive impact on business and government. The combination of BiosGroup and NuTech Solutions will accelerate the commercialization of the science and will result in more products that use the science to solve problems facing decision makers,” said Stuart Kauffman.
“I am especially pleased with this acquisition. BiosGroup has been rich in the technology of agent-based modeling and simulation solutions that fits in well with NuTech Solutions’ predictive analytic and profit optimization software. We are going to be part of a very interesting company,” said Robert MacDonald. read more...
2/21/2003 - Local Tech WireNuTech Solutions is moving to add more analytic firepower to its arsenal of solutions by acquiring the consulting and software development operations of BiosGroup, an acknowledged world leader in the emerging field of complexity science. Founded in 1996, BiosGroup has raised more than $20 million in venture capital, and has more than 50 clients, including Boeing, Nasdaq, Southwest Airlines, SAP, and the US Department of Defense.
“With this acquisition we have an exciting opportunity to bring together the best minds in predictive analytics, simulation and modeling, and optimization to better leverage and deliver leading-edge technologies, products and services to our growing client base,” said Matthew Michalewicz, chief executive officer of NuTech Solutions.
The BiosGroup conducts complexity science research and develops fundamental intellectual property resources. According to the company, BiosGroup can draw on the talent of more than 50 holders of Ph.D.s, including two Nobel Laureates. Their expertise includes mathematics, economics, chemistry, biology, computer science and physics. The science staff also gets support from the BiosGroup Fellows. These are experts in complexity science and its business applications, and they act as scientific advisors to the company. read more...
2/20/2003NuTech Solutions, Inc., a provider of advanced predictive analytics and profit optimization software products for Global 1000 companies, announced today that it has signed a Definitive Agreement to purchase the consulting and software development operations of privately-held BiosGroup, Inc. The acquisition will be accounted for as an asset purchase, and under the terms of the Definitive Agreement, BiosGroup founder Dr. Stuart Kauffman, and BiosGroup Chairman Robert MacDonald, will join NuTech Solutions’ Board of Directors.
Founded in 1996 by Dr. Stuart Kauffman and the Center for Business Innovation of Ernst & Young, BiosGroup is the world leader in applying the science of complexity and complex adaptive systems to the simulation, modeling, and solving of difficult problems for government organizations and Global 1000 corporations. Since 1996, BiosGroup has raised more than $20 million in venture capital financing from Ernst & Young, Procter & Gamble Company, and Ford Motor Company; and has built a client list of over 50 major corporations, including Air Liquide, Boeing, the Nasdaq stock market, Southwest Airlines, SAP, Société Générale, Texas Instruments, Unilever, and the United States Department of Defense.
“NuTech Solutions and BiosGroup share a common strategic vision for the growth of the analytics and optimization technology marketplace," said Vince Hockett, Chief Executive Officer of BiosGroup. "We expect that our combined intellectual assets and services will create a strong platform to expand the number of clients using these powerful solutions and provide a broader set of solutions to our existing customers.” read more...
2/7/2003NuTech Solutions, Inc. (“NuTech”), a premier provider of predictive analytics and profit optimization software for Global 1000 companies, announced today that General Motors has completed the installation and testing of NuTech’s Vehicle Distribution System (VDS).
"General Motors Remarketing believes that NuTech's Vehicle Distribution System (VDS) has helped, and will continue to help, us make more efficient vehicle logistics decisions and aid in improving our operating results,” said Jeff Heichel, GM's Director of Used Vehicle Activities.
Designed for banks, leasing companies, car rental agencies, and other organizations that remarket vehicles, NuTech's Vehicle Distribution System (VDS) can help these organizations maximize the resale value of used vehicles by giving them the power to optimize the distribution and allocation of vehicles to auction sites. NuTech's Vehicle Distribution System (VDS) is able to evaluate millions of different distribution scenarios, and uses multiple Artificial Intelligence technologies simultaneously to find those that provide the highest resale value for used vehicles sold at auction sites. read more...
1/27/2003 - ComputerworldWhen it comes to IT projects, it doesn't get much better than this: Procter & Gamble Co. saves $300 million annually on an investment of less than 1% of that amount. Indeed, P&G's use of agent-based modeling helped it transform its supply chain system so fundamentally that the company no longer even calls it a supply chain. The Cincinnati-based maker of Tide, Crest, Pringles, Pampers, Clairol and 300 other products now calls its connections to 5 billion consumers in 140 countries a "supply network."
"Chain connotes something that is sequential, that requires handing off information in sequence," says Larry Kellam, P&G's director of supply network innovation. "We believe it has to operate like a network, like an internet, so everybody has visibility to the information."
Many of the insights that have enabled P&G to transform a chain into a network come from agent-based computer models it developed with BiosGroup Inc. in Santa Fe, N.M. Their work is a real-world example of what mathematicians call "agent-based modeling of complex, adaptive systems," a discipline pioneered by BiosGroup and other mostly Santa Fe-area companies, laboratories and think tanks. In February of 2003, BiosGroup was acquired by Charlotte-based NuTech Solutions, Inc. read more...
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