Follows initial funding from ICAPs investment vehicle Euclid Opportunities
ICAP plc the worlds leading interdealer broker and provider of post trade risk and information services, announced today that it has made a Series A investment in Duco, a company specialising in innovative matching, reconciliation and data transformation software. This investment follows an earlier investment by Euclid Opportunities, ICAPs vehicle for funding next-generation financial technology.
Ducowill use the funding to launch a next generation reconciliation service built upon the companys innovative matching and data-translation technologies. The hosted service utilises intelligent algorithms to reduce the time and cost involved in setting up reconciliations, improving operational risk controls, efficiency and flexibility across the industry.
Mark Beeston, CEO of Portfolio Services at ICAP, who has joined Duco’s board of directors, commented, “Duco has clearly demonstrated its ability to deliver a range of powerful, efficient and flexible reconciliation services necessary in today’s demanding regulatory environment. The company is highly complementary to our existing business and we look forward to Duco establishing itself as a key piece of the new post-trade technology landscape.”
Duco has been working with leading tier-one banks to define key service requirements. A core group of launch customers is currently testing the service in preparation for going live with the service in 2013.
Steve Gibson, Managing Director of Euclid Opportunities noted, ”Duco has made significant progress to validate the potential of its offering with a number of key market participants. We continue to be impressed by the company and look forward to the launch of the service.”
Christian Nentwich CEO and Founder of Duco, said, Middle and back offices need new ways of improving efficiency. Solving reconciliation issues is critical in an environment of regulatory and structural upheaval. ICAPs investment enables us to work with customers to launch an asset-class agnostic service that reconciles any data, in any business process, with little human effort. This will sharply lower cost, increase flexibility and dramatically shorten set-up times.