Towers Watson sells VIPitech to Algorithmics

Global professional services company Towers Watson (NYSE, NASDAQ: TW) has sold VIPitech -- an actuarial and financial modeling software unit -- to Algorithmics in accordance with commitments it made to the European Commission (EC). The sale of VIPitech was a condition to the EC's clearance of the merger between Watson Wyatt and Towers Perrin.

"This sale has been structured to ensure that VIPitech remains a viably strong and competitive business and that clients remain fully supported,” said Steve Taylor-Gooby, global head of Risk Consulting & Software at Towers Watson. "We are satisfied that we have achieved these aims through the sale to Algorithmics and look forward to continuing to serve our clients that are already using VIPitech.”

As part of the sale Towers Watson will retain a license to use the VIPitech software to enable it to support its current and future clients who use VIPitech. In addition, Towers Watson has agreed to assist Algorithmics while the VIPitech business is being established.

"This acquisition is part of our strategy to extend our solutions beyond risk management into risk-aware applications that help our clients in their business decisions,” said Dr. Michael Zerbs, President and Chief Operating Officer of Algorithmics. "The addition of VIPitech underscores Algorithmics’ commitment to providing market leading solutions to pension funds and insurers. Algorithmics’ clients already include more than half of the members of the prestigious CRO Forum and VIPitech has a broad spectrum of financial services clients, including many tier 1 to 3 insurers worldwide. VIPitech clients will benefit from Algorithmics’ renowned technology expertise, focus on sustained investment in R&D and client support capacity. We are delighted to welcome the VIPitech team and clients to the Algorithmics community.”

About Towers Watson

Towers Watson (NYSE, NASDAQ: TW) is a leading global professional services company that helps organizations improve performance through effective people, risk and financial management. The company offers solutions in the areas of employee benefits, talent management, rewards, and risk and capital management. Towers Watson has 14,000 associates around the world and is located on the web at www.towerswatson.com.

About Algorithmics

Algorithmics is the world's leading provider of risk solutions. Financial organizations from around the world use Algorithmics' software, analytics and advisory services to help them make risk-aware business decisions, maximize shareholder value, and meet regulatory requirements. Supported by a global team of risk experts based in all major financial centers, Algorithmics offers proven, award-winning solutions for market, credit and operational risk, as well as collateral and capital management. Algorithmics is a member of the Fitch Group. www.algorithmics.com

Fitch Group is the parent company of Fitch Ratings, a global ratings agency committed to providing the world's markets with independent, timely and prospective credit opinions. With 49 offices worldwide, Fitch Ratings’ global expertise spans across capital markets in over 150 countries. Fitch Ratings is headquartered in New York and London.

The Fitch Group also includes Fitch Solutions, a distribution channel for Fitch Ratings products and a provider of data, analytics and related services; and Algorithmics, the world's leading provider of enterprise risk solutions.

The Fitch Group is a majority-owned subsidiary of Fimalac, S.A., headquartered in Paris, France. For additional information, please visit www.fitchratings.com, www.algorithmics.com and www.fimalac.com.