Finsemble and Glue42, two firms specialising in desktop interoperability and automated workflows, have announced their merger to form a new entity, named interop.io, which positions itself as a key player in the interoperability sphere within capital markets and beyond.
This merger combines the acclaimed technologies of both firms, to offer what will be a comprehensive suite of interoperability products. At the heart of this suite is io.Connect, a solution that facilitates the creation and deployment of intuitive front ends, which amalgamate different applications and functionalities into a single smart desktop, while also providing the necessary components for a managed and flexible deployment of interoperability-powered workflows.
Both Glue42 and Finsemble have experienced significant growth in recent years as desktop interoperability has become a high priority for capital markets firms. The merger promises to accelerate the progress made by both companies. By leveraging the combined capabilities of both teams, the new entity interop.io aims to build on the existing momentum and industry leadership that has driven their prior growth and customer success.
Leslie Spiro, formerly CEO of Glue42, will serve as interop.io’s CEO, with Dan Schleifer, formerly CEO of Finsemble, assuming the role of President. Commenting on the merger, Spiro said: “Capital markets require advanced, automated workflows from application to application, and from user to user. Only interop.io has the technology stack to deliver this.”
Interoperability, referring to the integration of data and UI of applications, has become a notable trend in capital markets. It is recognised as a key transformative technology within the industry. Paired with the universal FDC3 API standard for application interoperability, it is now employed in production by large buy sides, sell sides, and technology vendors across the sector.
Schleifer commented: “We believe the industry requires a single firm to act as the standard-bearer for interoperability and advanced workflow automation. We merged to form interop.io to expedite our shared company vision of delivering a top-tier solution with demonstrable ROI.”
Earlier this year, under the leadership of Schleifer and Terry Thorsen, Finsemble was spun off from Cosaic as a standalone business and secured a round of funding from investors including Citi North America, Illuminate Financial Management and Digital+ Partners.
Rhyddian Olds, Head of UI and Services for Citi’s institutional business and a Finsemble client, added: “We look forward to the potential benefits to Citi’s interoperability initiatives, workflow automation and customization with the interop.io product offering as a result of the merger.”
Finsemble and Glue42, both having experienced record-breaking years in terms of product development, client success, and revenue growth, share a common mission to create Straight-Through Workflows. These aim to integrate and streamline the work of capital markets professionals, enabling them to focus on higher value tasks. The merger is seen as a strategic move to capitalise on these successes and deliver interoperability solutions at an accelerated pace.
interop.io enters the market with three key strengths: advanced technology, a committed client success team, and proven stability and growth. With the support of optional cloud or on-prem services, the firm offers a comprehensive interoperability solution for desktop and web. Moreover, as a profitable entity with strong revenue, fast growth, a large R&D team, and numerous smart desktops in production, interop.io emerges as a significant player in the industry.
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