LONDON & NEW YORK, Aug 08, 2012 (BUSINESS WIRE) — OpenGamma, creators of the first open-source analytics and risk management platform for the financial services industry, today announced that it has completed a $15 million Series C round of equity financing led by new investor ICAP plc, the world’s leading interdealer broker and provider of post trade risk and information services, joined by Euclid Opportunities. The round also includes follow-on investments from previous investors Accel Partners and FirstMark Capital.
OpenGamma will use the funding to drive continued product innovation, expand geographically to support its growing global client base, continue to support its active and growing open source community, and meet the significant market demand for advanced risk management and analytics systems. Demand has increased dramatically as regulation and growing data volumes push hedge funds and investment banks to explore flexible open source alternatives to traditional, proprietary, and costly risk analytics tools. Firms are increasingly turning to OpenGamma to help them customize their risk analytics systems, build custom real-time trading applications, and maximize IT resources to reduce costs.
“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,” said Mark Beeston, CEO of Post Trade Risk and Information at ICAP, who has also joined OpenGamma’s Board of Directors.
To read the full press release on CNBC, click here.