Symphony has acquired the counterparty mapping platform StreetLinx, thereby adding over 200 institutional counterparties to the 1000+ institutions it reports are currently using Symphony.
“As we accelerate from directory to identity solutions, Streetlinx brings Symphony a full spectrum of identity-verified investment professionals, including portfolio managers, traders, research analysts and sales teams that will enrich Symphony’s already established and active community of over half a million financial professionals. We are proud to continue to add value to our user community and the industry as a whole”, says Symphony CEO Brad Levy.
Symphony’s permissioned access model, which contrasts with the open access model used by firms such as Bloomberg, makes the development of a verified directory useful to network users as it increases efficiency and reduces risk of connectivity. Integrations between the Symphony and StreetLinx platforms are reportedly already being deployed, enabling better directory information, entitlement-based connections and content distribution between trusted counterparties. The combined solution brings standardisation and entitlements to allow professionals to connect with appropriate counterparties, people or platforms.
StreetLinx CEO Gary Godshaw says, “We founded StreetLinx to modernise the exchange of organisational data and drive better connectivity between counterparties. While we knew the pain points well, it was really our clients who have led and shaped the solution since day one. Joining Symphony is a perfect fit for StreetLinx’s clients and for us as a team. Our combined offering will expand the scope of applications and increase the breadth of use cases for our users from front-to-back office. We are thrilled to be joining such a strong brand and culture. This deal simply formalises what has felt like a partnership from the start.”
Levy has previously shared that Symphony would buy, partner with, or acquire strategic assets for the company and the industry. Symphony acquired the trader voice and electronic communication company Cloud 9 Technologies in June, boosting its front office communications capabilities with new services and solutions, combining trader voice with natural language processing (NLP) and automation. The company also announced in July it had chosen Google Cloud as its primary cloud provider and would be migrating its platform in the coming year.
Marlin & Associates and Goodwin Procter LLP were financial and legal advisers, respectively, to Symphony, while Broadhaven Capital Partners and Goodwin Procter LLP were financial and legal advisers, respectively, to Streetlinx in this transaction. Financial details of this transaction have not been disclosed.
©Markets Media Europe, 2021
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