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Pivot Solutions raises $8m in series B financing

12 April 2006  |  1270 views  |  0 Source: Pivot Solutions

Pivot Solutions, the developer of IMTRADER, today announced it has closed $8 million in an oversubscribed series B round led by SoftBank Capital.

The round also includes strong participation from existing investors to fuel continued rapid growth and supports expansion of the company’s market leading solution.

IMTRADER is the first AIM certified instant messaging communications, trading and research platform that helps the sell side increase profitability and enables the buy side to increase portfolio returns through targeted, relevant, real-time communications. IMTRADER offers an easy-to-use, robust communications platform that works seamlessly with AIM and enables real-time FIX trading, mass targeted communications and research distribution. Members of the network can benefit from a rapid, targeted exchange of trade ideas which drives the right information to the right users at the right time.

"IMTRADER is successfully leveraging the large embedded community of AIM users on Wall Street by automating and making more efficient all the communication workflows of those high value financial professionals," explains Steve Murray, partner, SoftBank Capital who has joined the Company's board of directors. "Pivot's best of breed product serves a critical need in the industry and is becoming a "must have" technology tool on the desktop. We believe Pivot has the right team and vision to be successful and we are looking forward to working with management and the board."

"We have experienced tremendous growth in the last year because firms understand the impact of this cutting edge technology on the industry," explains Furqan Nazeeri, CEO of Pivot Solutions. "Pivot has established a leadership position and now is the time to accelerate our growth. Although we had lots of interest in this round of financing we believe SoftBank Capital's depth of team and ability to help us rapidly grow makes them the right partner for us at this stage of our development."

The $8 million round also includes investment from existing investors Draper Fisher Jurvetson Gotham, Hudson Ventures, Eze Castle Integration, Wasatch Venture Fund, and Boldcap Ventures.

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