Tradeware secures $6m from Summit Partners

Tradeware secures $6m from Summit Partners

Tradeware Systems Corporation, a New York-based provider of FIX-based trading and order management software, has received a $6m minority investment from private equity and venture capital firm Summit Partners.

Tradeware, which was founded in 1993, will use the funding to accelerate its software development work, fuel the ongoing expansion of data centres in New York and London as well as support future partnerships and acquisitions.

John Marino, chairman, Tradeware, says the firm is poised to launch a number of new software products this year: "Our relationship with Summit Partners will provide us with the capital and strategic planning resources we need to shorten the time required to get our customers into production with these innovations, while accelerating our development of future offerings."

Commenting on the investment, Mark deLaar, a vice president with Summit Partners who has joined Tradeware's board of directors, says: "Tradeware is developing a suite of exciting new products, and introducing an unprecedented cross-border securities trading and settlement platform for the North American and European financial services industries. The company has doubled in size over the past 18 months and is building on this momentum with an even more ambitious strategic plan for the year ahead."

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