Firm58 Exceeds Milestone of 100 Million Daily Transactions Under Contract
CHICAGO July 21, 2010 Firm58, Inc. (www.firm58.com), a Chicago-based financial management software provider, today announced it passed the 100 million mark of daily transactions contracted under its brokerage, trading and exchange clients as of June 30, 2010, a two-thirds increase over the 60 million daily transaction total achieved at year end 2009, and twice the total reached 12 months ago.
This increase represents the expansion of Firm58’s software platform, which helps financial services firms outsource functions including billing, profit analysis, and compensation, by existing clients and additional mandates won by Firm58 in the first half of 2010 to manage billing and other middle- and back-office functions. New clients in the first six months of 2010 include NYSE Euronext, Cheevers & Co., and Boston Options Exchange (BOX).
“We are very pleased to reach this significant milestone, demonstrating both our robust and scalable software platform and the growth in the number and size of our clients,” said Nick Fera, Firm58’s chief executive officer. ”Leading-edge brokerages, trading firms and execution venues are discovering that outsourcing middle- and back-office processes to Firm58 results in significant cost savings, increased client satisfaction, and greater fee transparency.”
Firm58’s highlights in the first half of 2010 include:
- Expanded relationships with existing clients, including Hamilton Executions and CBSX
- Hired by NYSE Euronext, Cheevers & Co., and the Boston Options Exchange for billing and other financial management software systems
- Completed a $7 million Series C funding round in June
- Appointed J. Douglas (Doug) Donohoe as vice president of engineering
- Completed a SAS 70 audit in January
Firm58’s platform includes a suite of middle- and back-office solutions designed to help clients manage billing, fees, commissions, and payouts. The SAS 70-certified company manages the billing activities for many of the largest exchanges in the world, including NYSE Euronext, CBSX, ELX Futures, and the Boston Options Exchange (BOX). For more information or to request a demonstration, contact email@example.com or visit www.firm58.com.
About Firm58, Inc.
Firm58 simplifies trade operations for capital markets firms. The company’s web-based financial management software manages the processes associated with fees, commissions and payouts to help increase a firm’s revenue, operational efficiency, and reduce costs. The Software as a Service (SaaS) platform automates middle- and back-office processes across asset classes to provide insight into daily profitability and protect revenue. Firm58 offers solutions for billing, profitability analysis, commission sharing arrangements/soft dollar management, compensation, and accounting. Customers include global market exchanges and execution venues, leading institutional brokerages, clearing and non-clearing broker-dealers, and proprietary trading firms. Founded in 2005, Firm58 is headquartered in Chicago with a branch office in New York, and is backed by New World Ventures and North Bridge Venture Partners. For more information, visit www.firm58.com.