OpenGamma has raised $13 million in a funding round led by Accel and Icap. The open source risk management outfit has also promoted COO Peter Rippon to CEO. Current board member and former SunGard president and CEO, Cristóbal Conde, also joined the funding round, which Icap participated in via its Euclid Opportunities investment arm.
Rippon, himself a former SunGard man who joined OpenGamma in 2014, replaces Mas Nakachi as CEO, who becomes vice chairman as part of a management shakeup in the wake of the recent departure of founder Kirk Wylie.
OpenGamma’s technology is focused on the needs of over-the-counter (OTC) or privately-negotiated derivatives contracts, a $493 trillion marketplace, according to the Bank for International Settlements.
Thanks to recent regulatory changes, the majority of these contracts must now be cleared with a central counterparty, increasing the complexity and cost of accurately and efficiently allocating capital and resources across derivatives businesses.
The firm boasts that it has built a comprehensive open source library for standardised derivatives analytics, providing the foundation of its ‘risk-as-a-service’ analytics solutions for its bank, clearing house and buy-side clients.
Says Rippon: “We’ve demonstrated that we are an innovative and effective developer of technology solutions for the financial community. This investment now lets us build from these solid foundations to become a world-class partner and provider of benchmark industry solutions.”
