Broadway Technology, a US based technology provider to banks, brokerages and hedge funds, announced that it has raised $42 million in minority investment led by new investor, Long Ridge Equity Partners.
Broadway provides FX, fixed income, enterprise and regulatory technology solutions to the world’s largest financial institutions with its flagship TOC platform now handling over $100 trillion of trading volumes annually. Broadway has a well-established international presence with offices in New York, Austin, London and Waterloo.
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The financing will enable Broadway to further accelerate growth by increasing its workforce, expanding technological innovation and new product development, as well as expanding marketing to achieve more business. Collectively these efforts will bolster Broadway’s ability to accelerate global expansion and increase its industry coverage.
The latest funding round follows a year of record performance and the achievement of numerous milestones. The US based technology firm that was founded by MIT graduates has been profitable every year since its launch in 2003, with revenues having grown at double digit rates for each of the past six years, thus showing promising results in times where many firms are desperate to even break even.
Broadway’s core platform, the Toc, is a real-time integration terminal capable of connecting disparate systems in an extremely low-latency manner. The platform is widely used to deliver trading systems that span the globe, run 24-hours a day, and scale to multiple server farms, thousands of servers, and thousands of client machines and users. TOC addresses complex financial products like derivatives, and complex related identifying data such as value-at-risk computations and legal entity mappings.
Speaking about the funding round, Broadway CEO Tyler Moeller said: “We are excited to partner with Long Ridge as we enter our next phase of growth. We chose Long Ridge as a partner due to their unparalleled expertise in capital markets technology and strong track record of investing in leading financial technology firms. Long Ridge’s capital and strategic support will enable Broadway to accelerate our global expansion and continue our rapid growth, while delivering powerful new functionality and top-tier services to our existing customers.”
Kevin Bhatt, Long Ridge Partner, added: “Broadway provides industry-leading FX, fixed income, enterprise, and regulatory technology solutions to the world’s largest financial institutions. The company is well positioned to take advantage of a rapidly evolving capital markets landscape with its advanced, flexible solutions and world-class development capabilities. We look forward to working closely with the Broadway team as they continue to penetrate new and existing geographies, customers, and asset classes.”