One of the Bermuda Technology Innovation Award winners has praised the Government for its support of technological innovation.

Dmitry Mnushkin, president of Treefrog Consulting, which has just won the International Innovation prize at the awards on Monday, said: “We would like to thank the Government and in particular the Department of ICT Policy and Innovation for organising this event, recognising the people and companies that are technology innovators and celebrating their accomplishments.

“This kind of government support speaks well of Bermuda’s desire to be at the forefront of technological innovation. It can only result in good things in the future for the country and the companies seeking to headquarter here.”

Treefrog Consulting, on Reid Street, has been developing software in Bermuda for the past seven years and has engaged in numerous projects working for companies both big and small, local and international.

“Our projects range from custom underwriting platforms to automating Excel spreadsheets — if it’s important to our customer, it’s important to us,” said Mr Mnushkin.

This week’s award was presented for the firm’s work on new software called Foundation, which is a unique underwriting, pricing and portfolio management web application which will help reinsurance and ILS businesses dramatically speed up the pricing of even the most complex deals.

Mr Mnushkin said: “The Foundation project provided our biggest challenge yet because of the need to combine an inexhaustible need for speed with an intuitive user interface and full customisation capability.”