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ROV Compiler

ROV COMPILER is a technology to compile and encrypt models with the highest level of security and protection. With this software, users can assemble their existing Excel models into license-controlled executable EXE files. ROV’s patented methods can be used to encrypt and lock up the intellectual property and mathematical algorithms of the model, and issue hardware-controlled and timed licenses to the purchaser’s own users or customers.

ROV COMPILER is meant to be used to convert Microsoft Excel XP, 2003, and 2007 files to extract an existing model into pure mathematical relationships and code such that the model can be used as usual but the intellectual property of the model is protected. You can now use Excel as a software development tool instead of only a modeling tool. That is, suppose you are an expert in a certain industry such as banking, pharmaceutical, biotechnology, manufacturing, insurance, aeronautics, and so forth, and further suppose that you have developed Excel models and worksheets that are appropriate for use by others in the same field. You can now use ROV Compiler to create executable EXE files from your existing Excel models; lock up the mathematical, business, and computational logic into binary code; and create extremely secure hardware‐locked license protection of your file that can be distributed like a software program. When run, the compiled file will have the exact look and feel of Excel, minus the ability to access critical calculation logic, plus the ability to be secured and licensed like a regular software program. There exists public domain software that will crack Excel passwords quickly and effortlessly, but such software will not work on compiled files. By running the extracted model, several items are accomplished, namely:

  • Use Excel as a programming platform instead of just modeling… you do not need to learn advanced software programming to create your own licensed software!
  • Any existing Excel 2002, 2003, and 2007 files and beyond can be compiled–extracted from Excel XLS or XLSX files and turned into binary mathematical code, creating a self‐executable EXE file that, when run, will open in Excel. The file will function exactly like an Excel file; it will look and feel like Excel but the computations are all embedded in binary format that is encrypted and not accessible to the end user.

  • All of the business intelligence and relationships are maintained but will no longer be visible to the end user, allowing the model creator to safely and securely distribute the model without losing control of any intellectual property or company secrets.

  • The compiled model can be locked using a 2048 bit RSA encryption (more powerful and secure than military-strength protection) and can only be accessible using the correct password and license (using computer hardware locking algorithms).

  • The compiled model cannot be changed by the end user, and this restriction maintains a strict quality control and prevents malicious tampering or accidental breakage of the model (e.g., equations and functions with broken links, wrong functions and calculations, etc.).

  • The compiled file can also be used by third‐party software applications in a Component Based Modeling environment. For instance, the end user might have his or her own software or database with predefined calculations. The compiled file is linked into and is a part of this existing proprietary system and can be called in command console mode. Your own proprietary software system simply obtains the inputs to link into the compiled file and the compiled model will perform the computations and return the required outputs.

This software can be run in any Windows or MAC environment (MAC operating systems require Parallels or Virtual Machine to emulate a Windows environment), and is compatible with Microsoft Excel. The software suite requires 30MB of free disk space with a recommended minimum 1GB of RAM for best performance.

ROV Compiler can be send immediately usuing our form "REQUEST MORE INFORMATION" (10-days trial license). Our philosophy is that you get to try before you buy. Once you use it, we are convinced you will fall in love with the simplicity and the power of the tool, and it will become an indispensible part of your modeling toolbox. However, please note that the trial version can only create 10-day licenses and will come with a trial version message (these will be gone in the fully licensed version).

If you wish to extract the model into a file that runs completely outside of Excel (extracted into EXP files) where all of its calculations are hidden and protected, please use the ROV Extractor and Evaluator software instead, also developed by Real Options Valuation, Inc. This ROV Extractor and Evaluator software complements the ROV Compiler software such that a large model that can take a long time to run in Excel can now be run at extremely fast speed in the lifted EXP model. Large-scale Monte Carlo Risk Simulations with large numbers of trials can be performed at very high speeds. Large models with many irrelevant parts are identified; additionally, you can identify the main key inputs and outputs you wish to have modeled. For instance, in a model such as A+B+C=D, B+E=F, and if F is chosen as the key output, only B and E are relevant. This ability decreases the computational time for the model by identifying critical inputs, and the model can then be optimized to run even faster once the model thread is identified. The large Excel model can now be turned into a calculator-like environment, where all the end user has to do is enter in the inputs and obtain the outputs. Imagine it as akin to creating a very large Visual Basic function in Excel, but instead of a simple function with several lines of computations, this function is an entire Excel workbook with many interconnected worksheets.

How do I install the software?

Make sure that you have administrative rights to install the software, and that your system requirements match or exceed those required in Item 1 above. In addition, make sure you have .NET Framework 2.0, 3.0, 3.5 or later already installed on your computer. Then, simply download the trial or full version of the software, double click on the exe file, and follow the instructions. Make sure to first uninstall any older versions of Risk Simulator before attempting to install a new version.

Resolution Issues

In WIN7 and Vista, users have the option to change the screen resolutions by “zooming in/out” and not just using a regular resolution change. When changing resolutions the regular approach (e.g., changing from 1280 x 800 to 1080 x 680) will not affect ROV software look and feel. However, using the zoom function does mess up some visuals (this is true of all software out there, and Windows actually even provides a warning message explaining this). The first two figures illustrate some effects of this zoom view.
Solution: Click on Start > Control Panel > Appearance and Personalization > Display and you see the user interface (see the third figure below). Change the view back to “Smaller 100% (Default)” then log-off and log-on to take effect and the RS/SLS software will display normally and correctly.


Real Options Valuations and his CEO/Chairman Dr. Johnathan Mun are the software’s creator. These products including consulting and training activities have delivered and implemented in many Fortune 500 firms (from 3M, Airbus, and Boeing to GE and Motorola) and the government (Department of Defense, State and Federal Agencies, Central Banks, Regulators) on risk analysis, valuation, and real options. Dr. Johnathan Mun and his worldwide collaborators (risk managers, specialists and researchers) have written many books and peer-reviewed papers on the risk management and decision making, including Real Options Analysis: Tools and Techniques, 1st and 2nd Edition (Wiley Finance, 2002, 2005); Real Options Analysis Course: Business Cases (Wiley Finance, 2003); Applied Risk Analysis: Moving Beyond Uncertainty in Business (Wiley, 2003); Valuing Employee Stock Options Under 2004 FAS 123 (Wiley Finance, 2004); Modeling Risk: Applying Monte Carlo Simulation, Real Options Analysis, Forecasting and Optimization (Wiley, 2006); Advanced Analytical Models: 800 Functions and 300 Models from Basel II to Wall Street and Beyond (Wiley 2008); The Banker’s Handbook on Credit Risk: Implementing Basel II (Elsevier Academic Press 2008); and others. Real Options Valuation, Inc. develops advanced analytical software products and IT solutions, consulting, and training services in a joint venture with OSL Risk Management, Ltd.