Goldman Invests in Broadway Technology12.14.2011
Bulge bracket bank Goldman Sachs has made a minority investment in trading technology company Broadway Technology.
Goldman Sachs, along with another global bulge bracket bank, have made a minority investment in New York’s Broadway Technology.
Broadway Technology plans to use the investment to fund further growth opportunities, into expansion into Europe and Asia as well as moving into additional asset classes.
“We’re very excited about this investment,” Tyler Moeller, chief executive officer of Broadway Technology told Markets Media. “We’ve grown quite a bit, and now we are looking into global expansion and into other asset classes. We will also be investing into our technology and our team.”
The company will also be looking to use the investment toward other initiatives.
“We will be adding more capabilities to our suite of products, becoming faster, and increasing the size of our team,” said Moeller. “We have a lot of opportunity in front of us, our focus is to take advantage of our growth efforts from the last eight years. We see opportunities in other asset classes. We will look to be more efficient.”
Broadway Technology was founded in 2003 and provides trading software and technology for the fixed income and foreign exchange asset classes. The investment will be used to help fund a move into the credit, commodities, equities and equity options asset classes. This was the first capital investment into Broadway since its inception. The company asserts that it has been profitable each year, with its revenue increasing 50% annually over the past four years. Its flagship product is TOC, of which its suite of services are based off of. The platform is flexible and can be adapted to other asset classes.