Cognotec has banked a strategic investment of EUR16 million ($14.5 million), which will be used primarily to finance the FX trading systems vendor's push into emerging market economies. Significantly, two thirds of the new funding comes from Standard Chartered’s private equity unit FinVenture.
This is the first investment commitment to Cognotec from outside the G3 zone, and is particularly significant with Standard Chartered’s pedigree in the high growth markets of Asia, including China and India and other fast growing economies. The bank is one of the world’s leading emerging markets banks with dealing rooms in 42 countries and is one of the 68 banks deploying Cognotec’s AutoDeal trading technology suite.
As a result of the investment, FinVenture becomes a minority shareholder in Dublin-based Cognotec and joins the board.
Brian Maccaba, founder and chief executive of Cognotec comments: “This investment commitment reinforces our belief that there are still many opportunities in the wider global market.”