Covenant Review was launched in 2006 as the first research firm that focused solely on bond and loan covenants that provides valuable information to sophisticated investment firms on their rights as bondholders. They offer independent research on corporate bond terms for hedge funds, mutual funds, and other investors.
After working many years as an investment banker, the client identified a niche business opportunity that would help high profile investment companies easily decide which bonds would yield the most favorable market position to its clients. As bonds are traditionally accompanied by a 300-page document (Prospectus), lawyers charge a hefty sum to review it and advise clients on their rights, which in turn helps the clients make a decision about investing in it.
Covenant Review had their in-house lawyers (with investment banking background) and investment analysts review and write a 4-6 page legal brief as a bond would hit the market. Investment Management companies could pay for a subscription service with Covenant Review, gain access to these consolidated and easy-to-digest reports and receive prompt legal advice at a fraction of the cost a lawyer would charge.
Covenant Review approached the team at Asahi Tech to examine whether a custom web portal could be built with all the features that met the founder’s vision. After several discovery meetings, our engineering team was able to translate the client’s needs into the following technological requirements:
"I did not reach out to other software vendors because based on initial discussions, I was confident of the abilities of the team at Asahi Tech. In retrospective, I feel good about that decision."
Our engineering team at Asahi Tech was able to translate the client’s requirements into a blueprint for a scalable custom web portal with well indexed searchable databases and printer-friendly report layouts. We recognized that the technology solution had to have a strong foundation to meet all the initial client requirements and remain scalable as the business evolved. Using .Net 4.0 framework, our team built and deployed the client’s custom web application.
To meet the client’s needs, our team did the following:
The application helped transform the founder’s vision into reality. A cloud based solution for a) paralegals and investment analysts to login and share legal research, b) investment advisors on wall street to subscribe and get timely advice and information before making investment decisions and c) account managers to understand how subscribers use the application, and d) stakeholders to have a macro view of all users in order to fine tune the business.
“The work product from Asahi Tech was outstanding. All the goals of the specifications were met, and the software engineers there went over and beyond to develop some of the features which I initially thought would not be possible. For example, generating a research report that looks like it was professionally laid out – but in fact is just computer generated – was very tricky. In comparison, when Wall Street firms create research, layout is a laborious process.As much as I intend to use the services of Asahi Technologies perpetually, it is by choice and not a necessity. I highly recommend them.