OpenGamma, a London-based financial software and derivatives risk analytics provider, has raised $13.3 million from Accel and ICAP with participation from former SunGard CEO Cristóbal Conde.
The startup provides software-as-a-service products for derivative risk analytics in the face of growing regulations, particularly in the States. It has built up its own open source library for standardized derivatives analytics. Its three mains services for clients are open source libraries, custom solutions, and risk products.
“We’ve demonstrated that we are an innovative and effective developer of technology solutions for the financial community,” said Peter Rippon, the former COO and now CEO of OpenGamma. “This investment now lets us build from these solid foundations to become a world-class partner and provider of benchmark industry solutions.”
“While OpenGamma cut its teeth on open source software, they have embraced the broader shifts in technology,” explained Bruce Golden, partner at Accel. “By focusing on delivering the best-in-class cloud-based, modular solutions for the financial markets, the firm is positioning itself to become the market standard for derivatives risk analytics.”
The derivatives markets are gradually embracing new technologies to improve operations, said Jenny Knott of ICAP, which participated in this funding round through its investment arm, Euclid Opportunities.
“OpenGamma possesses a rare blend of deep domain knowledge, technological acumen, and the proven ability to quickly deliver production-ready solutions to a broad range of industry participants,” added investor Cristóbal Conde who sits on the board of OpenGamma board as an independent non-executive director.
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