June 18, 2014
NEW YORK--(BUSINESS WIRE)--SR Labs, a leading provider of low latency market data and market access solutions for the financial industry, announced it has agreed to acquire Wombat from Intercontinental Exchange.
"We are excited to make this acquisition and believe that together SR Labs and Wombat will deliver significant increases in performance and value to our combined client base,” commented Srinivasan Ramiah, founder and CEO of SR Labs. “The merged company will be the first choice for market data and market access for financial firms globally. Our focus will continue to be product innovation and customer satisfaction."
SR Labs is the definitive Wall Street leader for market data and market access solutions. Wombat’s consolidated data feeds, managed services, and DART entitlements are a natural complement to SR Labs global exchange coverage, market data cache, and low latency and institutional software solutions. When deployed with existing SR Labs feed handlers and exchange gateways the combined solution will give existing clients and financial institutions global access to best of breed monitoring and reporting tools for their market data environments. Together, SR Labs and Wombat serve the majority of the largest financial institutions worldwide.
“The SR Labs team looks forward to working with Wombat’s development team and leveraging our joint domain knowledge and infrastructure to deliver optimal market data and exchange connectivity solutions,” added Dipanjan Chatterjee, COO of SR Labs. “With this deal we have the opportunity to combine two great teams to deliver more innovation and value to our clients.”
Insight Venture Partners, existing SR Labs investor, provided additional financing for the acquisition. “Financial services companies will benefit from the combination of these two world class software companies and their deep management experience,” noted Deven Parekh, managing director of Insight Venture Partners, and chairman of the board of directors of SR Labs.
About SR Labs:
Street Response Laboratories (SR Labs) provides low latency market data and exchange connectivity solutions for the financial industry. SR Labs market data solution provides extensive feed coverage including all major North American, European and Asian Exchanges. Our flagship products, SMDS and SREX are currently used by top-tier investment banks and hedge funds.
Wombat is a global leader in high performance financial market data management solutions offering customers comprehensive, end-to-end solutions for electronic trading and connectivity management. As part of the Wombat product suite, SR Labs is also acquiring SuperFeed™, which offers direct connectivity to a range of key global trading venues, reducing complexity and client overhead by allowing customers to consolidate fragmented technologies and complicated connectivity options. The Wombat platform also includes Wombat Direct Market Data Feed Handlers, providing normalization for more than 200 direct exchange and aggregated vendor feeds; DART Entitlements, providing market data usage and compliance analysis, and reporting services; and Wombat Middleware, enabling high-speed, multi-protocol messaging throughout the enterprise.
About Insight Venture Partners:
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $8 billion and invested in more than 200 companies worldwide. Our mission is to find, fund and work successfully with visionary executives providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit www.insightpartners.com or follow us on twitter: @insightpartners.com.