Dynamic IT Management Services, a leading provider of messaging software to the financial trading community through its operating subsidiary Logicscope, has secured funding of Â£900,000 from an investment group led by the London Technology Fund and business angels.
The funds will be used to commercialise Logicscopeâs innovative deal notification technology, TradeSTP. Specifically, the company will focus on expanding TradeSTPâs functionality beyond foreign exchange to support automated, multi-asset deal notification. The company will also enhance its sales and marketing capabilities to support the rollout of TradeSTP to banks and financial institutions in Europe and beyond.
TradeSTP allows banks and brokers in foreign exchange and other over-the-counter trading markets to deliver completed trade details to their clients and to update their âbookâ positions, eliminating the delays and risk of errors associated with manual intervention.
Nick Dyne, Logicscopeâs founder and Chief Executive Officer, commented, âWe are delighted to have the support and commitment of The London Technology Fund as we take TradeSTP to the next stage in its commercial development. This very important funding will enable us to better meet the expectations of our clients in delivering this essential component in the trading process. It also supports the expansion of TradeSTPâs proven capabilities in foreign exchange to launch a truly multi-asset product that will add real value to the post-trade environment across all OTC marketsâ.
David McMeekin, Chairman, London Technology Fund, added: âLogicscope is exactly the type of company we like to back. As well as being London-based, this company is a technology innovator with exciting new product development backed by strong demand from its target audiences. We are confident that our funding (and that of other investors) will enable this company to transition successfully to full commercialisation of its deal management and market data products and servicesâ.
Following the investment, John Jessop, previously Chief Operating Officer, assumes the role of Executive Chairman. A veteran of the financial information industry, Jessop was formerly President and Chief Executive of Bridge-Telerate, Chief Operating Officer of Telerate and a senior executive at Reuters.