29West announced plans to use the proceeds to grow its sales and technical offices in New York City and in London, as well as to grow its integration team.

"29West messaging solutions have been gaining traction in accounts worldwide. Over the past year, many of our larger customers have expressed an interest in taking an investment in the company. With the strong demand for our industry leading LBM and with our break-through persistent messaging solution, Ultra Messaging for the Enterprise (UME) now shipping, we decided the time was right to engage with an investor and aggressively ramp up our worldwide sales and local support teams," said Mark Mahowald, president and founder of 29West. Mark added, "We are excited to be working with SGE as an investor and board member. SIG is a strategic customer who sees the benefits our next generation messaging design offers in terms of latency and throughput."

As a part of the investment, Vincenzo La Ruffa of SGE will join the board of directors. "We believe that technologies enabling faster, more-efficient trading will continue to differentiate financial services firms. 29West has demonstrated a clearly superior high performance messaging solution that has been embraced by some of the leading financial institutions in the world. 29West's veteran team has an established track-record of developing innovative industry-leading messaging solutions. They were a clear choice for an investment, and we are very excited to be working with them," stated Vincenzo La Ruffa.