TickSmith, a Montréal-based leader in big data applications for capital markets, has announced a strategic investment of CAD $2 million from UK-based Illuminate Financial Management LLP, a venture capital firm with a specific focus on capital markets financial technology, to further commercialise its flagship product, TickVault.
TickSmith addresses a growing need of exchanges, banks and buy-side institutions in capital markets: exploring and unlocking value from constantly growing volumes and ever-increasing sources of financially relevant data. TickSmith powers the data distribution platform of CME Group, enabling the exchange to monetize its historical data. The National Bank of Canada is also amongst its global client base.
Described as a financial data lake platform for capital markets, TickVault provides the missing link to centralise data from external and internal data feeds and enables API access to feed current and future data-intensive applications including data distribution, MiFID II compliance and reporting, backtesting of trading algorithms, market surveillance, risk management, and machine learning analytics.
Mark Beeston, Managing Partner at Illuminate Financial Management LLP comments: “Data is taking the centre stage in capital markets. Consolidating high quality data and making it easily accessible is crucial throughout the whole trade lifecycle. TickSmith is at the forefront of this trend and is a vital piece of a next-generation, highly scalable and modular financial infrastructure, built on big data technology. With an experienced leadership team, a fully developed product offering and increasingly global client base – the firm strongly aligns with our investment strategy. We will also take a seat on the TickSmith management board and look forward to working closely together.”
Francis Wenzel, CEO and Co-Founder, TickSmith, comments: “Market participants recognise the competitive advantage that can be gained from a next generation capital markets data lake, not just in Europe and North America, but increasingly on a global basis. As venture capital specialists within the capital markets technology space, Illuminate Financial are well positioned to help us further develop our flagship product, Tickvault, as we continue to build an international client base.”
Onur Devrim, Economic Affairs Attaché at the Québec Government Office in London, was delighted to facilitate ongoing discussions between TickSmith and Illuminate Financial, organise a business visit to Montréal for Illuminate Financial, as well as provide Illuminate Financial with contextual information relevant to the investment. Going forward, Onur will continue to offer assistance to TickSmith with the establishment of their operations in the UK and the development of their business activities.