Firm58 Fueled by $3.7 Million Venture Capital
CHICAGO, April 4, 2007 — Firm58, a developer of post-trade management software solutions for the financial services sector, today announced that the company has closed $3.7 Million in Series A financing led by Chicago-based New World Ventures, an early-stage venture capital firm that invests in privately-held technology companies. New World Ventures has provided Series A funding for several successful Chicago-based companies including eCollege, Sportvision and TicketsNow.
Trading firms, clearing firms, broker/dealer(s), hedge funds and exchanges all benefit by leveraging Firm58’s services to optimize critical operations, drive customer acquisition and retention, while simultaneously minimizing cost. Faced with increased competition, rising costs and aging technology, financial companies stand to benefit from Firm58’s software solutions by merging all post-trade activities to one asset-independent web-based platform.
“New World looks for companies with a strong management team, a unique technology offering and a market in disruption that is actively seeking a solution,” said Adam Koopersmith, Principal of New World Ventures. “It is clear that back-offices throughout the financial world — proprietary traders, broker-dealers, financial exchanges, etc., — are struggling to deal with the increased complexity of trading several asset classes on multiple exchanges while adhering to governance, compliance and regulatory challenges.
Firm58’s unique software and integration services allow traders, broker-dealers, and exchanges to focus on what they do best and their blue-chip customer list speaks to the growing number of firms looking to outsource these functions to a world-class company, rather than struggle to piecemeal solutions themselves.”
Firm58 is lead by co-founders Sam Mele, President and CEO, and Jim Mullen, Vice President of Product Engineering. A veteran of Oracle and Ariba, Sam’s 16 years of experience building and managing enterprise software companies are complemented by Jim’s 17 years of dedicated software development at organizations such as Reuters, Townsend Analytics and Oracle.
“Firm58 unifies the financial enterprise. Our solutions deliver unprecedented price performance, while driving levels of efficiency and transparency to post-trade processing equivalent to those currently found in order management systems and ECN’s (Electronic Communication Networks),” said Mele. “In doing so, we help our customers reduce costs, reduce complexity and increase revenue.
With deployments at some of the world’s leading proprietary trading firms, day-trading firms and financial exchanges, Firm58 intends to use the additional capital to ramp up its sales and marketing efforts while extending its leadership position as an on-demand technology provider to the financial markets.
About Firm58, Inc.
Based in Chicago, Firm58 offers on-demand post-trade management software solutions to manage critical operations such as position management, billing, reconciliation, payment, fees and commission calculations, in addition to customer, financial and operational analytics. By automating all post-trade processes regardless of asset class (equities, foreign exchange, fixed income, futures, etc.), Firm58 enables organizations to increase revenues while simultaneously reducing costs