Symphony, the market’s infrastructure and technology platform, confirmed that it will now provide a complete, secure and verified directory for the financial services sector as it has acquired StreetLinx, a counterparty mapping platform.
This acquisition adds more than 200 institutional counterparties to the 1000+ institutions currently being served by Symphony.
Brad Levy, CEO at Symphony, stated:
“As we accelerate from directory to identity solutions, Streetlinx brings Symphony a full spectrum of identity-verified investment professionals, including portfolio managers, traders, research analysts and sales teams that will enrich Symphony’s already established and active community of over half a million financial professionals. We are proud to continue to add value to our user community and the industry as a whole.”
A secure, up-to-date and verified directory is an important tool in markets as it improves efficiency and lowers overall risk across the board. Integrations between the Symphony and StreetLinx platforms are now being launched, allowing users to access enhanced directory information, entitlement based connections and content distribution across various counterparties.
The combined solution aims to provide standardization and entitlements to enable professionals to connect with the appropriate counterparty, individual or platform.
Gary Godshaw, CEO at StreetLinx, remarked:
“We founded StreetLinx to modernize the exchange of organizational data and drive better connectivity between counterparties. While we knew the pain points well, it was really our clients who have led and shaped the solution since day one. Joining Symphony is a perfect fit for StreetLinx’s clients and for us as a team.”
“Our combined offering will expand the scope of applications and increase the breadth of use cases for our users from front to back office. We are thrilled to be joining such a strong brand and culture. This deal simply formalizes what has felt like a partnership from the start.”
Levy previously noted that Symphony would purchase, team up with, or acquire assets for the firm as well as the industry.
Symphony had acquired the trader voice and electronic communication provider Cloud 9 Technologies in June of this year. The acquisition has positioned Symphony to take a leading role in front-office communications with new services combining trader voice with natural language processing (NLP) and automation.
Last month, Symphony had also announced that it had selected Google Cloud as its main Cloud provider and intends to migrate its platform in the foreseeable future.
Marlin & Associates and Goodwin Procter LLP served as financial and legal advisers, respectively, to Symphony,
Meanwhile, Broadhaven Capital Partners and Goodwin Procter LLP acted as financial and legal advisers, respectively, to Streetlinx for this deal. The financial details of this transaction have not been shared publicly.