Principia
Principia builds the Principia Analytic System (PAS), a portfolio management, risk analytics, and valuation platform for derivatives and fixed income portfolios, serving banks, investment managers, insurance companies, and structured finance participants since 1995.
- Company typePrivate
- Founded1995
- HeadquartersNew York, United States
- Headcount251–500
- GTM typeB2B
- OfferingSoftware
What Principia does
Principia is a New York-based software company founded in 1995 that builds the Principia Analytic System (PAS), a portfolio management, risk analytics, and valuation platform for derivatives and fixed income portfolios. The platform supports multi-curve environments, OIS discounting, and full Alternative Risk Free Rate (SOFR, SONIA, ESTR, TONA) compliance, with end-to-end lifecycle management from deal capture through accounting. PAS addresses structured finance complexity including ABS, MBS, CDOs, Credit Derivative Product Companies (CDPCs), and ABCP conduits, and is used by banks, investment managers, insurance companies, credit investment fund managers, ABCP conduits, and third-party administrators. A streamlined subscription service called pasVal offers web-based daily portfolio valuations, risk reporting, and hedge accounting for derivative portfolios at lower cost, while the broader Principia Analytic System is also available within the ETS (Epsilon Trade Services) platform following the early-2024 acquisition of Principia by Epsilon Technologies Group, Inc.
Principia operates a primarily B2B enterprise software business model, monetizing through full platform licenses (on-premise or integrated with ETS), SaaS subscriptions (PAS hosted), and lower-cost pasVal monthly web subscriptions. Pricing is not publicly disclosed; enterprise contracts typically follow subscription billing with monthly renewals, and SaaS deployments operate within a SOC 2 Type I-compliant control framework. Distribution is primarily via direct enterprise field sales, supplemented by AWS-hosted SaaS delivery and an infrastructure alliance program with SAP, Oracle, Red Hat, and AWS. Marketing relies on thought leadership: technical research papers on derivatives valuation, structured finance surveys engaging 650+ ABS market professionals, and an active LinkedIn SOFR Spotlight Group. In January 2024, Epsilon Technologies Group acquired Principia, integrating PAS into its product line alongside ETS and adding cross-sell potential into Federal Home Loan Banks and regional bank customers.
Principia firmographics
Firmographics- Name
- Principia
- Legal name
- Epsilon Technologies Group, Inc.
- Website
- https://ppllc.com
- Company type
- Private
- Founded year
- 1995
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Principia builds the Principia Analytic System (PAS), a portfolio management, risk analytics, and valuation platform for derivatives and fixed income portfolios, serving banks, investment managers, insurance companies, and structured finance participants since 1995.
- Ownership category
- akta.pro rank
Principia industry classification
Industry- Product category
- Capital Markets Analytics Software
- NAICS
- Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Asset-Backed Securities (6189), Investment Advice (6282)
- akta.pro primary industry
- Robo-Advice for Institutional/Treasury (OCIO-lite, Cash & Liquidity) (FSAGAEAJ)
Keywords
Where Principia is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Principia business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales
Revenue model
- Software-as-a-Service (SaaS) Subscription: Full SaaS deployment providing access to the Principia Analytic System with standardized portfolio, risk and operational processing environment. Clients access via web browser with swift implementation and no onsite installation. The solution operates within SOC 2 Type I-compliant control framework.
- pasVal Subscription Service: Streamlined derivative portfolio valuation, risk reporting, and hedge accounting subscription service. Once deals are uploaded, users have access to daily calculations and configurable reports. Low-cost monthly subscription with web-browser access.
- Full Platform License: On-premise or integrated deployment of the full Principia Analytic System alongside ETS platform, providing comprehensive solution for derivative and fixed income portfolio management.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | SaaS subscription with short-term initial term and optional monthly renewals |
| Subscription | Monthly | pasVal monthly web-based subscription |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels4 records
Principia product offering
Product offeringCore offering
Principia provides the Principia Analytic System (PAS), a portfolio management, risk analytics, and valuation platform for derivatives and fixed income portfolios, offering end-to-end lifecycle management from deal capture through accounting. It also delivers pasVal, a streamlined web-based subscription service for derivative portfolio valuations, risk reporting, and hedge accounting. The platform supports multi-curve environments, OIS discounting, and Risk-Free Rates (SOFR, SONIA, ESTR, TONA) with compliance support for GASB, FASB, ASC820, ASC815, ASC310, and IAS39.
Product overview
Principia offers a unified platform-plus-modules architecture centered on the Principia Analytic System (PAS). PAS serves as the core platform providing valuations, risk analytics, and hedge effectiveness testing for derivatives and fixed income portfolios. Two complementary offerings extend the platform: pasVal is a streamlined web-based subscription service for simplified daily valuations and risk reporting, while ETS (Epsilon Trade Services) provides integrated trade management and accounting specifically for Federal Home Loan Banks and regional banks. The SaaS deployment option operates within a SOC 2 Type I compliant control framework.
Differentiator
Problem solved
Functional benefit
Brands
- Principia Analytic System (PAS): Tried-and-true valuations, risk analytics, and hedge effectiveness testing for interest-rate derivatives and fixed income portfolios.
- pasVal
Products and services
- Principia Analytic System (PAS) An out-of-the-box capital markets platform providing valuations, risk analytics, and hedge effectiveness testing for interest-rate derivatives and fixed income portfolios, supporting portfolio management, risk surveillance, compliance management, and financial reporting on a single operational platform. Used by financial institutions, investment managers, insurance companies, and credit investment fund managers.
- pasVal A streamlined subscription service providing web-based access to market-proven valuations, risk, credit adjustments, and hedge effectiveness testing for derivative portfolios. Includes CVA (GASB 72 & ASC 820) and hedge effectiveness testing (GASB 53 & ASC 815), with cash flow and reset verification.
- ETS (Epsilon Trade Services) A trade management, valuation, reporting, and accounting platform designed specifically for Federal Home Loan Banks and regional and local banks, available as an integrated component of PAS for derivative and fixed income portfolio management.
Quantifiable outcome
- Over 650 ABS market professionals participated in due diligence surveys demonstrating industry engagement
- +4 more outcomes
Companies that use Principia
Customer profileNamed customers6 records
Segments1 record
Ideal customer profiles4 records
Principia technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature7 records
Principia partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- AWS (Amazon Web Services)corePowered by AWS Cloud Computing designation indicates cloud infrastructure partnership for SaaS deployments. AWS provides the underlying cloud computing platform supporting Principia's hosted solutions.
- Epsilon Technologies GroupcoreEpsilon Technologies Group acquired Principia in early 2024. Principia Analytic System is now part of Epsilon's product line alongside ETS. Epsilon is a capital markets technology solutions and services firm committed to the same purpose as Principia.
Scale indicators3 records
Recent moves6 records
Expansion highlights6 records
Principia competitors and assessment
Company assessmentBroad incumbents
- Finastra: Finastra provides capital markets, lending, and treasury software to banks globally, including derivatives and fixed income functionality. As a broad incumbent, Finastra competes with Principia in serving regional and mid-sized banks with portfolio management solutions.
- MSCI RiskMetrics: MSCI (formerly RiskMetrics) offers portfolio analytics, risk modeling, and valuation services across asset classes, including fixed income and derivatives. As a broad incumbent, MSCI competes with Principia in risk analytics and valuation for institutional investors.
- Moody's Analytics: Moody's Analytics provides structured finance solutions, valuation services, and risk analytics, including the Structured Finance Portal and CreditEdge. Like Principia, it serves ABS/MBS market participants with cashflow modeling and valuation capabilities.
- SS&C Technologies: SS&C provides asset management, hedge fund, and capital markets software including portfolio accounting, valuation, and risk management. Its GlobeOps and Black Diamond offerings overlap with Principia's portfolio management and analytics for institutional investors.
- ICE (Intercontinental Exchange): ICE provides fixed income data, analytics, and execution services through its Connect and ICE Data Services offerings. As a broad incumbent with fixed income focus, ICE competes with Principia in valuation, pricing, and analytics for institutional fixed income users.
- FIS (Fidelity National Information Services): FIS offers capital markets software including trading, risk, and post-trade processing solutions for banks and asset managers. As a broad incumbent, FIS competes with Principia in derivatives and fixed income processing for institutional clients.
- Bloomberg Portfolio & Risk Analytics: Bloomberg's PORT and fixed income analytics suite provides valuation, risk, and scenario analysis for derivatives and structured products. As a broad incumbent, Bloomberg bundles these capabilities with its terminal, creating pricing pressure for specialized platforms like Principia.
Direct peers
- Numerix: Numerix provides cross-asset analytics and valuation for derivatives and structured products, directly competing with Principia Analytic System in fixed income and derivatives valuation. Both serve banks, insurance companies, and asset managers with multi-curve pricing, risk analytics, and hedge effectiveness testing.
- Murex: Murex offers a capital markets platform for trading, risk management, and post-trade processing of derivatives and fixed income. Like Principia, it serves large financial institutions with end-to-end portfolio management, valuation, and analytics capabilities.
- Calypso Technology: Calypso (now part of Broadcom) provides a capital markets platform covering trading, risk, collateral, and compliance for derivatives and fixed income. Both Principia and Calypso target banks and dealers with comprehensive cross-asset front-to-back solutions.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Principia social profiles
Digital presencePrincipia compliance and trust
Trust signalCompliance3 records
Principia financial estimates
Financial estimateRevenue estimate
Valuation estimate
Principia leadership team
Management profileNumber of profiles
Profiles6 records
Principia funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Principia M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Principia
What does Principia do?
Principia provides the Principia Analytic System (PAS), a portfolio management, risk analytics, and valuation platform for derivatives and fixed income portfolios, offering end-to-end lifecycle management from deal capture through accounting. It also delivers pasVal, a streamlined web-based subscription service for derivative portfolio valuations, risk reporting, and hedge accounting. The platform supports multi-curve environments, OIS discounting, and Risk-Free Rates (SOFR, SONIA, ESTR, TONA) with compliance support for GASB, FASB, ASC820, ASC815, ASC310, and IAS39.
Is Principia a public or private company?
Principia is a private company. It is classified as corporate owned and is currently operating.
When was Principia founded?
Principia was founded in 1995. It employs 251 to 500 people.
Where is Principia based?
Principia is headquartered in New York, United States, in the North America region.
How does Principia make money?
Three revenue lines are on record. Software-as-a-Service (SaaS) Subscription is the primary driver. The others are pasVal Subscription Service and full Platform License.
Who are Principia's main competitors?
Broad incumbents on record are Finastra, MSCI RiskMetrics, Moody's Analytics, SS&C Technologies, ICE (Intercontinental Exchange), FIS (Fidelity National Information Services) and Bloomberg Portfolio & Risk Analytics. Direct peers are Numerix, Murex and Calypso Technology.
Does Principia have an API?
No public API is recorded for Principia.
What industry is Principia in?
Principia's product category is Capital Markets Analytics Software. Its primary akta.pro industry code is FSAGAEAJ, Robo-Advice for Institutional/Treasury (OCIO-lite, Cash & Liquidity). Its NAICS code is 523940 and its SIC code is 6189.