Wise returns to Netik as Advent stumps up funding

Wise returns to Netik as Advent stumps up funding

Financial markets software house Netik has raised a multi-million pound third round of funding with London venture capitalist Advent Venture Partners, and re-instated co-founder John Wise as chief executive officer.

Wise returns to Netik after stepping aside in March this year to make way for former Misys man Mike O'Leary. His return to the helm follows O'Leary's sudden departure "to explore other ventures".

Netik has not released any financial details about the new funding round. Wise says the cash will be used to re-focus the business on its core markets in securities data warehousing and information delivery solutions for Tier 1 and Tier 2 institutions using Netik’s InterView and InterChange products.

Wise has already begun to restructure the management team starting with the appointments of Keith Hale and Mike Dionne as managing directors for the Emea and North America respectively. Colin Close continues as chief information officer directing product development and marketing.

Speaking about his return to the business, Wise comments: "Post 9/11 Netik has experienced a number of setbacks; however, our core products remain essential for financial institutions committed to either information or transactional aspects of STP. With over 200+ customers live worldwide, Netik will focus on cross-selling our solutions to those with information and operational cost and risk issues to solve."

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