SR Labs Secures $53 Million in Funding
January 9, 2013
Street Response Labs (SR Labs), which provides market data, order entry and other electronic trading services, said it has received a $53 million investment from Insight Venture Partners.
SR Labs says it intends the capital to fund product innovation, expand sales and marketing operations and foster Asia Pacific, Latin America and European growth. It has also opened a development center in Pune India to support Asia Pacific and European customers.
Specifically, SR Labs says it is gearing up to build out new Swap Execution Facility gateways and will provide more features for trading in the United States and Europe.
The firm also plans to put its market data and order entry software onto commodity computers that employ Intel processors.
Founded in 2007, SR Labs has grown rapidly, with doubled in size each year and makes a profit.
The New York-based company provides technology that enables the data-gathering and execution of electronic trading. Its low-latency market data feed handlers and high-speed exchange gateways work across multiple asset classes.
SR Labs’ clients include top investment banks, hedge funds, proprietary trading firms and providers of trading technology software. The company has an impressive list of customers, including industry leaders such as Credit Suisse, JP Morgan and Morgan Stanley.
Insight is a venture capital and private equity firm which invests in technology companies that produce products for on-premise installation or online delivery. The firm has raised more than $5 billion and made more than 150 investments worldwide since its founding in 1976.
“As electronic trading is expanding beyond North America, we intend to expand our operations globally. We will be leveraging Insight’s expertise in international markets to set up operations to better serve our customers in Europe, Asia and Latin America,’’ said Srinivasan Ramiah, founder and CEO of SR Labs.
In Asia, its priority markets include Thailand, Malaysia and Singapore.
As part of the transaction, managing director Deven Parekh and principal Martin Angert from Insight Venture Partners will join the SR Labs board of directors.