P2P Seeks Respectability In Financial Services Sector.Distributing complex applications quickly and cheaply Following the wake of the publicity generated by Napster, peer-to-peer networking See peer-to-peer network. has become The Next Big Thing. In an attempt to shake the questionable legality of such consumer-oriented swapping sites, P2P See peer-to-peer and point-to-point. technology is now seeking legitimacy in business. Companies ranging from the smallest start-ups to the 800-pound gorillas are lining up to get in on the action. DataSynapse, a start-up that launched in late September, is building a secure, broadband, peer-to-peer PC network that runs over the Internet. The company is currently in beta trials with customers in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. sector and will officially launch its complete operations later this fall. Combining networked PCs with software that supports widely distributed computing, DataSynapse hopes to harness the power of idle PC processors to distribute complex applications with significant time and cost savings. According to company officials, DataSynapse will pay users to utilize their idle PC power and also provide them with Web searching, communications, and collaborative applications that can leverage the collective idle capacity of its broadband network. The company recently completed a $5.25 million round of financing from a group of investors jointly led by Rare Ventures, the venture capital arm of Rare Medium Group, and NeoCarta Ventures. DataSynapse is also funded by the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Investment Fund and several of its principals, including its chairman Henry Kravis, founder of venture cap heavyweight Kohlberg Kravis Roberts Kohlberg Kravis Roberts & Co (commonly referred to as KKR) is a New York City-based private equity firm that focuses primarily on late-stage leveraged buyouts. It was founded in 1976 by Jerome Kohlberg, Jr., and cousins Henry Kravis and George R. & Co. "This investment provides the resources needed to fund the company's aggressive growth plan," Peter Lee, co-founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of DataSynapse, said in a statement. "We have identified the financial service space as one of the most attractive growth opportunities in distributed computing." |
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