The idea behind Bheudek is to optimize software production processes by minimizing errors, reducing time-to-market, decreasing costs, and improving performance. Although the idea to create Bheudek dates back to 2010, after years of due diligence and production, the company is now at the initial stage and is actively searching for a financial partnership.
KITE Invest:Having begun the research phase of Bheudek back in 2010, the company is now at the launch phase. Please give a brief description – in laymen terms – of how Bheudek will enhance software production.
Bheudek: The enhancement comes via automation. Throughout modern history, software has optimized every production process, now it’s time to optimize its own. For this purpose, we have developed a tool, known technically as Language Workbench, where we base our development process. Through this tool we define advanced programming languages specific for each business. Applications are developed using these languages, and after that, the tool translates them into traditional programming languages, providing the required functionalities and solving the technical details.
These powerful languages make the process easy and fast, while the automatic translation provides software quality (performance, reliability, security…). Another benefit is that the whole production process becomes business oriented and that’s because the developer is focused on the business problem and not on the technical details (solved by the tool). Finally, we want to highlight that, with this new paradigm, programming is not a functional definition but a knowledge representation, and this opens the door to a new world full of potentials.
KITE: In order to enter the market with Bheudek’s new version of software, the company launched a financial servicer, Bheudek Finance, which has the reduced time-to-market phase by 75%. Please shed light on Bheudek Finance, and why Bheudek chose this as the ‘first release’? What are plans for future products?
Bheudek: Bheudek finance is a web interface application that can manage multiple portfolios from multiple companies. It provides portfolio migration capabilities, multiple customer/investor, full loan life-cycle, collection management (friendly, legal and external agencies), accounting, reporting and other functionalities, all of them fully integrated on a single system.
We knew that before entering the launch phase, we had to test the tool bringing it into a real production process, and that’s what we did by creating Bheudek Finance. We choose a financial servicer as our first release for two main reasons: financial industry is where we have developed our careers, so it’s an area where we have a sound knowledge and large experience, and based on fact that it is becoming a hot market with new players acquiring loan debt portfolios.
We have now two main alternatives: 1. Start selling the servicer, Bheudek Finance 2. Develop a new application based on specific demands from our customers. Therefore, in the near future, our new products will depend on those two streamlines. We know other markets where we’d like to create, proactively, our solutions, but this will be deferred for a further stage.
KITE: Are there other companies who are offering the same or similar software technologies, and if so, how does Bheudek plan to distinguish itself?
Bheudek: Currently there is a big part of the software community working on the development of this new technology, aware that traditional methods have reached their limits. There are new companies, mostly in northern Europe, that are already selling these tools. At the same time, traditional companies of development tools have their R&D departments working on it.
Both players are focused on the tool itself, because that is what they sell, they don’t sell software but software development tools. For this reason they are working, mostly, on its usability and in generic features. Compare to them, our tool is tailored to our requirements, providing a higher quality of the final product. Besides that, we will continuously improve our tool with the feedback obtained directly from our production process.
To sum up, we could say they are technology oriented while we are business oriented. On the other hand, traditional software companies are still reluctant to change their development process to this new technology, because is not easy to learn and to adapt, there is clearly a change in the way you normally perform your development work. Some of them will buy external technology but meanwhile we are continuously improving our own.
KITE: In looking for an investor, what are the top priorities for Bheudek? How do you envision the relationship with an investor to be like?
Bheudek: There are a number of alternatives, we can reach an agreement with an industrial partner or we can continue on our own with the support of an investor. We need by our side someone who understands the power of this technology and help us reach our potential customers. We know we have a clear competitive advantage and the experience in the professional software space, but we also know that we don’t have the required networking.
KITE: On the other hand, what can Bheudek offer an investor in return? Why is Bheudek a good investment?
Bheudek: We see Bheudek as a good investment for three main reasons: 1, the growing potential of the project 2, the team and 3, the remarkable profit margins of the products. We can see a lot of ways of collaboration and therefore different alternative agreements. It can be a joint venture where we share the profits, an equity participation . . . what we clearly offer is the enrollment on an exciting innovative project.
KITE: Any final message you would like to say to a potential investor or any other key aspect of Bheudek that should be mentioned at this time?
Bheudek: For those who want to know more about us can visit our web: bheudek.com. As our main conclusion, we want to highlight to any potential partner that we are excited about the project . . . we believe this is not an evolution but a revolution.