Warrenville, IL (PRWEB) March 12, 2007
29West, Inc., the Chicago-based developer of high-performance messaging software solutions, announced today the closing of an equity investment from Susquehanna Growth Equity, LLLP (SGE), a private equity affiliate of Susquehanna International Group, LLP (SIG). 29West announced plans to use the proceeds to grow its sales and technical offices in New York City and in London, as well as to grow its integration team.
"29West messaging solutions have been gaining traction in accounts worldwide. Over the past year, many of our larger customers have expressed an interest in taking an investment in the company. With the strong demand for our industry leading LBM and with our break-through persistent messaging solution, Ultra Messaging™ for the Enterprise (UME) now shipping, we decided the time was right to engage with an investor and aggressively ramp up our worldwide sales and local support teams," said Mark Mahowald, president and founder of 29West. Mark added, "We are excited to be working with SGE as an investor and board member. SIG is a strategic customer who sees the benefits our next generation messaging design offers in terms of latency and throughput."
As a part of the investment, Vincenzo La Ruffa of SGE will join the board of directors. "We believe that technologies enabling faster, more-efficient trading will continue to differentiate financial services firms. 29West has demonstrated a clearly superior high performance messaging solution that has been embraced by some of the leading financial institutions in the world. 29West's veteran team has an established track-record of developing innovative industry-leading messaging solutions. They were a clear choice for an investment, and we are very excited to be working with them," stated Vincenzo La Ruffa.
29West is the leader in high-performance, low-latency messaging solutions for financial institutions. Founded in 2002 by Mark Mahowald (former COO of Talarian), 29West team members have been at the forefront of high-speed, real-time data distribution and networking since the mid-1980s. From its first release in November 2004, 29West's Latency Busters® Messaging (LBM) has set a new standard in performance for financial market messaging and has been deployed in over 100 firms worldwide. With the introduction of Ultra Messaging™ for the Enterprise (UME) at the end of 2006, 29West has added persistence and delivery confirmation to its industry leading messaging product offerings. With offices in New York, Chicago, and London, 29West supports the financial markets worldwide.
For more information, visit http://www.29west.com
About Susquehanna Growth Equity
Susquehanna Growth Equity, LLLP (SGE) is a private equity group investing in growth capital and late stage venture opportunities in the financial technology, software, business services, and specialty finance sectors. SGE's professionals have extensive experience in expansion stage investing, as well as proven track records of working with portfolio companies to increase shareholder value. As focused and experienced investors, the SGE team leverages its financial and strategic expertise, industry relationships, vast resources, and hard work to help strong management teams build great companies.
For more information, visit http://www.sgep.com.
About Susquehanna International Group, LLP
Susquehanna International Group, LLP is the parent company to The Susquehanna International Group of companies (SIG). Headquartered in Bala Cynwyd, Pennsylvania, SIG is a leading financial institution focusing on trading and market making, investment banking, institutional sales and research, private equity and venture capital. SIG makes markets in more than 10,000 financial products, including equities, fixed income, energy, currencies and commodities. SIG is among the nation's largest option market makers, is the leading sector index options trading firm and is one of the largest liquidity providers in ETFs. To drives its continued growth, SIG leverages its highly dynamic, internally developed quantitative trading tools and technology to assist in its market making operations. SIG's global reach spans more than 12 offices across North America, Europe and Asia. For more information, please visit http://www.sig.com.