Symphony Raises $63 Million From BNP Paribas, Others
May 16 2017 - 8:23AM
Dow Jones News
By Justin Baer
Symphony Communication Services LLC, the instant-messaging
software company, said it raised $63 million in additional funding
from France's BNP Paribas SA as well as its existing investors.
Founded in 2014 and backed by Wall Street heavyweights Goldman
Sachs Group Inc., Morgan Stanley and BlackRock Inc., Symphony is
seeking to supplant Bloomberg LP's chat service as the primary way
traders, portfolio managers, salespeople and risk managers
communicate with one another. The company has about 200,000
licensed users across the financial-services industry, said David
Gurle, Symphony's chief executive.
Some 40% of its users work for investment-management firms, Mr.
Gurle said. BNP Paribas, the French bank, will be Symphony's 11th
investor, he said.
The latest funding will be used to speed up the company's growth
in financial hubs around the world. It adds to the $170 million
Symphony has already drawn from banks, money managers, venture
capitalists and Alphabet's Google Inc. The new funding round values
the startup at more than $1 billion, people familiar with the
matter said.
The Wall Street Journal reported in October that had begun
discussions with investors over the new funding round.
Write to Justin Baer at justin.baer@wsj.com
(END) Dow Jones Newswires
May 16, 2017 09:08 ET (13:08 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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