Tom Glocer, managing partner of Angelic Ventures and former CEO of Thomson Reuters (2008 through 2011), will work with fintech innovator Algomi as a strategic adviser. Glocer also made a significant investment in the company, though the amount of the investment was not disclosed.
“We’re empowering our customers by giving them more actionable intelligence on the data they already hold within their businesses,” Algomi CEO Stu Taylor explained. “Tom’s experience with Thomson Reuters and his track record of working with other successful financial services businesses will be invaluable for us as we continue to develop our offering.”
Pictured: Algomi CEO Stu Taylor demonstrated Algomi’s Honeycomb technology at FinovateFall 2014 in New York.
Algomi provides a social networking and market-intelligence platform for professionals working in the fixed-income bond markets. The company’s Honeycomb network connects fixed-income sales forces, traders, and customers with the goal of increasing both the number of trading and investing opportunities as well as the velocity of large transactions in what the company calls a “liquidity-constrained world.” Honeycomb uses custom algorithms to push the best deals and opportunities to fixed-income salespeople in real-time, providing a greater degree of transparency and the lowest level of market disruption when trading and investing in often-illiquid markets.
Calling the lack of liquidity as a major issue plaguing fixed-income investing, Glocer (right) says, “Algomi’s approach of creating a bank balance-sheet based on actual data, and virtualizing the assets in the market is fascinating, and I’m looking forward to working closely with them.”
The company’s current clients include Deutsche Bank, HSBC, Alliance Bernstein, JP Morgan, as well as hedge funds, insurance companies, and sovereign wealth funds. More than 160 buy-side firms, 15 banks, and hundreds of registered users around the world have signed on to be a part of Algomi’s Honeycomb network.
In addition to Glocer, Howard Edelstein will join Algomi’s Board of Directors. Edelstein had served the company as strategic adviser for the past two years, and is the current chairman of REDI Holdings.
“I’ve been working closely with Algomi for two years,” Edelstein said, “and believe the company delivers a second-to-none approach to a bank’s fixed-income, liquidity-sourcing needs.”
Founded in 2012 and headquartered in London, Algomi demonstrated Honeycomb, its buy-side graphic user interface, at FinovateFall 2014.