Dembo steps away from CEO role as Algo secures new financing;

The development comes as Algorithmics secured long-term refinancing from its existing investors, including major banks Morgan Stanley, Commerzbank, Canadian Imperial Bank of Commerce and Royal Bank of Canada.

“It is my intention to concentrate on the company’s long-term vision and continue to play an active role as a member of Algorithmics’ board of directors,” said Dembo.

Algorithmics specialises in creating and implementing enterprise risk management software for financial institutions. It boasts more than half the world’s largest financial institutions as customers.