NEW YORK and REDMOND, Wash. — May 1, 2007 — Savvysoft and Microsoft jointly announced today that they have reached an amicable resolution of their dispute over the name of Savvysoft’s TurboExcel product.
Under the agreement, Savvysoft will change the name of the TurboExcel product to Calc4Web. Savvysoft’s Calc4Web product will be co-marketed on Microsoft’s Office Marketplace Web site and at industry conferences.
Under the terms of the agreement, which is confidential, neither company admits liability.
“Resolving this dispute is in the best interest of our customers,” said Rich Tanenbaum, President and founder of Savvysoft. “Much more can be gained by everyone if Savvysoft and Microsoft enjoy a mutually beneficial relationship.”
A Microsoft spokesman, Jack Evans, said the company is pleased to resolve the matter, noting that the agreement protects Microsoft’s intellectual property rights associated with the name of its trademarked Excel spreadsheet software, while ensuring that Savvysoft can continue to innovate.
Savvysoft is an award-winning, New York City-based software provider of financial derivatives analytics, portfolio and risk management systems, and market-implied corporate default rates. Savvysoft also offers an add-on to the Microsoft Office Excel spreadsheet that automatically turns calculations into working C++ code. Its products are used by over 3,000 institutions in 15 countries worldwide, including top-tier banks, dealers, brokers, money managers, energy suppliers, corporate treasurers, auditors and consultants. More information is available online at www.savvysoft.com.
Founded in 1975, Microsoft (Nasdaq “MSFT”) is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.