Netik closes $15 million funding round
03 December 2001 | 1759 views | 0
UK-based straight-through processing vendor Netik has secured $15 million in a series B funding round led by Advent Venture Partners. Existing investor Warburg Pincus also contributed to the new investment.
Netik offers financial institutions end-to-end STP solutions, combining transactional workflow, messaging, integration, matching/reconciliation, and reporting.
John Wise, CEO, Netik, says the funding will be used to strengthen the company's products, services, management and customers.
Four year-old Netik claims 100% revenue growth in the last financial year. The company also released V2.0 of its InterStream product.
The company is also looking to grab a slice of the market for connectivity to trade matching utilities. Citigroup is understood to be the first client to adopt Netik's technology for linking to the Global Straight-Through-Processing Association's Transaction Flow Manager.
Netik is prospecting among its existing customer base and using its connections with Microsoft and Compaq to seek a greater share of this nascent market. Netik currently has 200 clients using InterStream and other STP component-based software.