UK post-trade software house Logicscope has secured £900,000 in new funding from an investment group led by the London Technology Fund and business angels.
The vendor says the funds will be used to extend the scope of the firm's FX deal notification package TradeSTP to support automated, multi-asset trading. The company says it will also bolster its sales and marketing capabilities to support the rollout of TradeSTP to banks and financial institutions beyond the UK.
TradeSTP was based on the DealFeed software developed and successfully deployed under the long-standing collaboration between Logicscope and EBS in the foreign exchange market.
Nick Dyne, Logicscope’s founder and CEO, comments: "This very important funding will enable us to better meet the expectations of our clients in delivering this essential component in the trading process. It also supports the expansion of TradeSTP’s proven capabilities in foreign exchange to launch a truly multi-asset product that will add real value to the post-trade environment across all OTC markets."
Following the investment, John Jessop, previously chief operating officer, assumes the role of executive chairman. A veteran of the financial information industry, Jessop was formerly president and CEO of Bridge-Telerate, COO of Telerate and a senior executive at Reuters.