Last week, I was treated to an update from Saeed Patel, Chief Product & Technology Officer, and Harry Knot, Chief Business Architect, of Quor Group. “Quor had strong revenue growth in 2023 and continues to look to grow organically and via M&A through 2024,” Saeed told me. We are aware of Quor’s strategy to acquire under the leadership of CEO Steve Hughes and private equity fund investors – STG, but we hoped to find out more about Quor’s existing solutions and how those were to be evolved. Project evolution is the internal name for that effort, and this was the purpose of the briefing. Meanwhile, “Quor is looking to increase velocity on Project Evolution by adding surge capacity in Q2 2024,” Saeed told me.
Project Evolution is tasked with creating an architecture that provides users with role-based, customizable, dashboard access to the data they need to perform their job effectively. The architecture based on service-based architecture includes a new UX/UI, API enablement, shared data platform and a real-time valuation engine. The focus is on innovation, I was told. The aim is to launch a substantive version of this by late summer 2024. The architecture would also allow both Trinity and Fintrade to be accessed meaning that users of those software products would gain a modern, intuitive, and highly useable view of risks for physical and derivative commodities – depending on what product configuration they had. By providing smart dashboards, BI access, data aggregation and workflow in the overlay, users would extract more value from their existing Quor software while any acquired software that Quor buys in the future would also be connected into that architecture quickly and easily. Other attributes of project Evolution area event-driven re-calculation of risk analytics and so on so a price update or a new assay would trigger an immediate recalculation. The architecture would also incorporate real-time valuation services, I was told.
Essentially, the project Evolution strategy is to build out an architectural layer that provides for rapid connectivity via APIs and use of shared services to existing Quor legacy solutions thus extending their life while some or all of that detailed and deep functionality can be migrated over time. It can also connect to third-party solutions including any that are acquired by Quor in the future. To that end, Quor is also pursuing a partnering program with other vendors such as Carbon Chain, to ensure an ecosystem of solutions is available to customers moving forward. New partners are due to be announced, Harry Knott said.
The approach is elegant and appears very workable. It would provide Quor with many aspects of an all-new, modern technology solution while leveraging the deep and broad functionality of legacy solutions – its own and any it acquires or partners with – with an aim to subsuming more and more of that functionality into the platform over time – as shared services or specific solutions within an ecosystem as appropriate. The resulting layer provides a scalable, configurable set of role-specific dashboards with modern UI’s, built in workflow and AI built in and it will begin to be rolled out later in 2024.