OpenGamma completes second round of financing

OpenGamma completes second round of financing
18th January 2011 OpenGamma

OpenGamma Completes Second Round of Financing Led by FirstMark Capital and Accel Partners

Funding to Facilitate Opening of New York City Offices and Bring Ground-Breaking Open Source Risk and Analytics Platform to Wall Street

LONDON and NEW YORK – Jan. 18, 2011 –
OpenGamma Inc., a technology company that provides an open source analytics and risk management platform for the financial services industry, today announced that it has completed a Series B round of equity financing led by FirstMark Capital, a New York City-based venture capital firm investing in early stage technology and technology-enabled businesses. Accel Partners joins the round as a return investor.

The funding will be used by OpenGamma to add to the company’s sales, marketing and commercial operations teams; establish strategic alliances within global markets; continue to build a dynamic open-source community; and strengthen research and development efforts in anticipation of the general availability of the OpenGamma Platform in early 2011. Critical to these efforts will be the opening of a New York City office to leverage the City’s deep fin-tech talent pool and proximity to the world’s leading financial institutions headquartered in the New York metropolitan area.

“The global economic crisis was in part a result of the financial system’s inability to manage real-time risk across interconnected asset classes and geographic regions. For our global economy to recover the trust and confidence it has lost, it must change the way risk is measured and managed, and OpenGamma provides the only platform that can achieve this critical goal,” said Lawrence D. Lenihan, Founder and Managing Director at FirstMark Capital and newly appointed member of OpenGamma’s Board of Directors. “With its technical expertise and established reputation with London-based institutions, OpenGamma can tap into the more than 500,000 financial services professionals here in New York and leverage the City’s thriving financial technology entrepreneurial community, charting a course for unprecedented growth.”

The OpenGamma Platform is a modern, open architecture designed to allow financial services firms to develop the analytic applications their traders and risk managers require. The platform is a unified and customizable solution that supports ad-hoc and pre-trade analysis, live risk and analytics, and batch and overnight risk reporting. By providing an open source alternative to what has historically been homegrown, proprietary software, OpenGamma is set to disrupt and redefine how financial services’ IT departments provision trading and risk technologies. The OpenGamma Platform gives customers the best of both worlds: a vendor supported solution capable of the most taxing of requirements, but with the source code they need at their fingertips.

“The complexity of the financial markets, stronger corporate governance and more regulatory requirements has IT departments seeking a technically strong and architecturally modern analytical platform that can easily integrate siloed, third-party applications with other major financial components – with the flexibility to fix source code in real-time,” said Kirk Wylie, founder and CEO of OpenGamma. “The OpenGamma Platform is ideally suited to provide solutions for the ongoing challenges faced by financial services firms. We look forward to partnering with FirstMark Capital as we open our second office in one of the world’s leading financial services hubs, and as we begin the next chapter of our growth.”

Over the last two years, the Bloomberg Administration has launched more than 60 initiatives to support entrepreneurship, including the launch of seven business incubators, encouraging start-up companies to locate and grow in New York City. In addition, the City announced the NYC Entrepreneurial Fund in 2010, a $22 million seed stage fund with FirstMark Capital, to invest in New York City-based technology startups.

“New York City provides unparalleled resources for young companies looking to enter the increasingly competitive financial technology marketplace,” said Mayor Michael R. Bloomberg. “Growing companies like OpenGamma recognize that the city’s diverse and talented workforce, access to capital and proximity to industry leaders make having a presence in New York City invaluable towards their future growth. Congratulations to OpenGamma on its expansion.”

About OpenGamma Inc.

OpenGamma was founded in 2009 to develop an open platform for analytics and risk management for the financial services industry. The company’s flagship technology product, the OpenGamma Platform, is designed to allow financial services firms to unify their calculation of analytics across the traditional trading and risk management boundaries. The company is headquartered in London with offices opening in New York. For more information, visit www.opengamma.com

About FirstMark Capital

Based in New York City, FirstMark Capital invests in ground-breaking companies that are creating new markets with innovative technology solutions or fundamentally changing existing markets by applying a fresh approach and new business model. A venture leader with nearly $2 billion in capital commitments, FirstMark’s team of investment and operations professionals have decades of real-world experience and leadership in core technology markets, making the firm uniquely qualified to offer industry insight, relationships and the operational expertise to build lasting businesses. Select historical investments include: Netgear, Inc. (NASDAQ: NTGR); First Advantage Corp. (Acquired by First American Corporation; NASDAQ: FAF); StubHub, Inc (Acquired by eBay, Inc.; NASDAQ:EBAY); Netegrity, Inc. (Acquired by CA Inc; NASDAQ: CA); Flarion, Inc. (Acquired by Qualcomm, Inc; NASDAQ: QCOM); OutlookSoft Inc. (Acquired by SAP AG; NASDAQ: SAP); Vallent (Acquired by IBM; NASDAQ: IBM), Navic (Acquired by Microsoft; NASDAQ: MSFT), Boomi (Acquired by Dell; NASDAQ: DELL) and SPADAC (Acquired by GeoEye, Inc; NASDAQ: GEOY). Current investments include: SecondMarket, Riot Games, Knewton, Conductor, Clickable and Lumos Labs. For more information, visit www.firstmarkcap.com.