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OpenGamma secures USD15m in series C funding led by ICAP

OpenGamma, creators of the first open-source analytics and risk management platform for the financial services industry, has completed a USD15m series C round of equity financing led by new investor ICAP plc.

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 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.

“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,” says Mark Beeston (pictured), chief executive of post trade risk and information at ICAP, who has also joined OpenGamma’s board of directors. “OpenGamma’s technology is an obvious fit for ICAP and will complement our suite of services to help our customers manage their risk exposure.”

The OpenGamma Platform, the company’s flagship product launched in April 2012, offers a flexible open-source alternative to traditional homegrown or proprietary analytics and risk management solutions. The platform delivers transparency and improves the quality, accuracy and real-time availability of the critical trading and risk analytics required by today’s front-office traders, quants and risk managers.

Steve Gibson, managing director of Euclid Opportunities, says: “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."

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