Icap, a UK-based brokerage firm, has led OpenGamma, a financial analytics and risk management company, in a $15m round.
Icap was joined in the Series C financing round on August 8 by Euclid Opportunities, an incubator which is majority-owned by Icap, and venture firms Accel Partners and FirstMark Capital.
OpenGamma, founded in 2009, with offices based in London and New York, has developed a flagship technology product, known as the OpenGamma Platform, which is designed to allow financial services firms to unify the calculation of analytics.
In January 2011, OpenGamma raised $6m in its series B, with FirstMark Capital leading the round and with participation from Accel Partners. The company raised an undisclosed sum in its series A from Accel Partners in August 2009. According to data provider CrunchBase, this round raised $2.15m.
Mark Beeston, chief executive of Post Trade Risk and Information at Icap, who has joined OpenGamma’s board, said: “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. OpenGamma’s technology is an obvious fit for ICAP and will complement our suite of services to help our customers manage their risk exposure.”
Beeston added: “Post trade services are a strategic part of ICAP’s business and as a company we have been looking at identifying the next generation of the companies that will help our customers manage risk in their markets. Together with our early stage funding programme Euclid we have been looking for the Traianas and TriOptimas of the future. We immediately realized the value in OpenGamma’s ability to innovate and create a de facto standard for risk management in the market.”
Steve Gibson, managing director of Euclid Opportunities, said: “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.”