Graeme Faulds and Graham Paterson left SL earlier this year and yesterday heralded the arrival of TopQ Software, which has developed a "revolutionary tool for the secure exchange and analysis of track record data between private equity fund managers and institutional investors".
TopQ's proprietary technology allows private equity fund managers to upload fund performance data and share it with invited institutional investors, who can then analyse the data with new levels of accuracy.
Mr Faulds said: "It was always unbelievable to us that we were working in a $3 trillion industry still predominantly run on spreadsheets. This has always made track record analysis a painstaking and long-winded process for both fund managers and investors."
He added: "The use of spreadsheets is prone to user error and is open to abuse. For example, this data is confidential, but a confidential spreadsheet containing track record data can easily be passed on to a third party."
Mr Faulds and Mr Paterson formed TopQ with Drake Paulson, a veteran of the private equity software industry, and have locations in London and Boston as well as the Edinburgh headquarters.