OpenGamma attracts ICAP as backer in $15 million deal
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UK-based financial analytics business OpenGamma has secured $15 million (£9.6 million) in Series C funding.
Brokerage firm ICAP has led an equity financing round into OpenGamma in a deal which is also joined by Euclid Opportunities and follow up contributions from venture capital firms Accel Partners and FirstMark Capital.
London-headquartered OpenGamma provides open-source analytics and risk management platforms for businesses in the financial services industry.
The analytics firm has previously secured two rounds of funding, with its Series B round seeing it net $6 million in January 2011 when New York-based FirstMark Capital first invested. Accel Partners injected £2.15 million in August 2009.
With its new funding OpenGamma plans to push forward product innovation and expand geographically.
Its 'flagship product' The OpenGamma Platform was launched in April 2012 and is said by the firm to provides risk analytics for front-office traders and risk managers.
Mark Beeston, CEO of Post Trade Risk and Information at ICAP, says that OpenGamma's technology is an 'obvious fit' for ICAP and will compliment its services.
He adds, 'OpenGamma has clearly demonstrated that its open source solutions are ideally suited to change the way risk analytics are delivered and utilised in today's demanding regulatory environment.'
Fellow backer Euclid Opportunities is majority owned by ICAP and provides a funding programme to early-stage technology companies in the financial sectors.
Steve Gibson, managing director of Euclid Opportunities, comments, 'Market participants are striving to improve the quality and flexibility of trading infrastructure whilst also needing to reduce fixed costs and inefficiencies.
'We see the industry's appetite for open source offerings continuing to grow as a viable means to meet these aims.'