About a-team Marketing Services
The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

New Money for Correlix; But What Next?

Subscribe to our newsletter

While it didn’t make a splash about the event, latency monitoring specialist Correlix last week acknowledged that it has raised further capital from existing investors and hired former Island and Inet exec Richard Wilkins as vice president of sales, a position that has been vacant for a couple of years. Wilkins reports to founder and re-installed CEO Shawn Melamed, who is back in the top job for the foreseeable future following the departure of former CEO Dan Connell in November 2011.

Melamed isn’t saying how much new money was raised from investors, including Sequoia Capital, Blumberg Capital and Vernon & Park and Xenia Ventures, though he confirms that the company previously raised $23.8 million, since it was founded in 2005. He says the additional funding will be used for “additional product development and ability to fulfill our vision of an open platform for more applications than just latency measurements,” and that it will see the company through to being self sustaining. That’s in part because of a cost/headcount reduction program that’s been implemented, he says.

Meanwhile, Wilkins’ appointment in a full-time senior sales role should lead to revenue growth. Melamed says the company has in fact rolled out its RaceTeam offering to new markets in recent months, and he expects growth to come from new geographies and asset classes. He also expects revenue resulting from “a big initiative around an SDK that enables customers to extend our product for other use cases outside latency measurements.”

Interestingly, Melamed is cautious on the impact of the imminent 1.0 release of the FIX Inter-Party Latency standard (FIXIPL), commenting: “I haven’t seen any big demand from customers [of exchanges where RaceTeam is installed] yet, which are usually the real driver for transforming the market,” though he adds “I believe it’s good for Correlix because it will enable us to be more ubiquitous.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Ideas at the Edge – Managing Risk Information in the Siloed Enterprise

This webinar has passed, but you can view the recording here. Risk management has been accepted as the new imperative for financial institutions of all types and sizes. But for Tier 1 and Tier 2 banks and brokerages, the complexity of their organisations is presenting risk professionals with a thorny data management challenge: How to...

BLOG

A-Team’s TradingTech Summit Returns with Focus on Trading Infrastructure, Digital Assets and ESG

A-Team Group’s TradingTech Summit London saw a welcome return to the physical world this week, following last year’s break due to the Covid-induced lockdown. The event was well-attended, with representatives from across the industry gathering to discuss the latest trends and developments in trading technology, with specific emphasis on infrastructure and institutional participation in digital...

EVENT

Virtual Briefing: ESG Data Management – A Strategic Imperative (Redirected)

This briefing will explore challenges around assembling and evaluating ESG data for reporting and the impact of regulatory measures and industry collaboration on transparency and standardisation efforts. Expert speakers will address how the evolving market infrastructure is developing and the role of new technologies and alternative data in improving insight and filling data gaps.

GUIDE

GDPR Handbook

The May 25, 2018 compliance deadline of General Data Protection Regulation (GDPR) is approaching fast, requiring financial institutions to understand what personal data they hold, why they process it, and whether it is shared with other organisations. In line with individuals’ rights under the regulation, they must also provide access to individuals’ personal data and...