NEW YORK, US and LONDON, UK - News Direct - 2 August 2021 - Symphony - the leading markets' infrastructure and technology platform - will now offer the most complete and secure verified directory in the financial services industry as it has acquired the counterparty mapping platform StreetLinx. This acquisition adds over 200 institutional counterparties to the more than 1000 institutions already served by Symphony.
"As we accelerate from directory to identity solutions, Streetlinx brings Symphony a full spectrum of identity-verified investment professionals, including portfolio managers, traders, research analysts and sales teams that will enrich Symphony's already established and active community of over half a million financial professionals. We are proud to continue to add value to our user community and the industry as a whole", said Symphony CEO Brad Levy.
A secure, enriched and up to date verified directory is a key tool in markets as it increases efficiency and reduces risk across the board. Integrations between the Symphony and StreetLinx platforms are already being deployed, enabling enhanced directory information, entitlement based connections and content distribution across trusted counterparties. The combined solution brings standardization and entitlements to allow professionals to seamlessly connect with the right counterparty, person or platform.
StreetLinx CEO Gary Godshaw explained: "We founded StreetLinx to modernize the exchange of organizational data and drive better connectivity between counterparties. While we knew the pain points well, it was really our clients who have led and shaped the solution since day one. Joining Symphony is a perfect fit for StreetLinx's clients and for us as a team. Our combined offering will expand the scope of applications and increase the breadth of use cases for our users from front to back office. We are thrilled to be joining such a strong brand and culture. This deal simply formalizes what has felt like a partnership from the start."
Levy has previously shared that Symphony would buy, partner with, or acquire strategic assets for the company and the industry. Symphony acquired the trader voice and electronic communication company Cloud 9 Technologies in June, positioning the company to take the lead in front office communications with new services and solutions combining trader voice with natural language processing (NLP) and automation. The company also announced in July it had chosen Google Cloud as its primary cloud provider and would be migrating its platform in the coming year.
Marlin & Associates and Goodwin Procter LLP were financial and legal advisers, respectively, to Symphony, while Broadhaven Capital Partners and Goodwin Procter LLP were financial and legal advisers, respectively, to Streetlinx in this transaction. Financial details of this transaction have not been disclosed.