Internet technology provider Google is close to investing in US-based communication platform developer Symphony at a $650m valuation, the Wall Street Journal reported yesterday.
The amount set to be invested by Google, now a subsidiary of the greater Alphabet corporation following a restructuring process that concluded this week, has not yet been disclosed.
Symphony began life in 2012 as a secure messaging service for traders called Perzo, before a $66m investment in October 2014 by a total of 14 financial services firms funded a new company named Symphony that acquired Perzo’s assets and installed Perzo founder David Gurle as CEO.
The company’s cloud communication technology uses a secure encryption system to enable financial services and trading firms to send information confidentially. It is required to keep that information for seven years according to US law.
The funding will come from Google, as opposed to either Google Ventures or Google Capital, which are now overseen by Alphabet and not Google, undisclosed sources told Re/code.
Symphony’s 2014 round was backed by BofA Merrill Lynch, BNY Mellon, BlackRock, Citadel, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Jefferies, JP Morgan, Maverick, Morgan Stanley, Nomura and Wells Fargo.