SR Labs Raises $53 Million From Insight to Grow Overseas
Street Response Laboratories, a provider of electronic trading systems to financial services companies, raised $53 million from Insight Venture Partners to bolster growth outside of the U.S.
SR Labs, as the company is known, plans to use the capital to expand its sales and marketing teams and fund new products, according to a statement today. Insight’s Deven Parekh and Martin Angert are joining the board of the New York-based company.
Founded by Srinivasan Ramiah in 2007, SR Labs is profitable, has doubled revenue every year since its inception and has signed on customers including Credit Suisse Group AG, JPMorgan Chase & Co. (JPM) and Morgan Stanley. The company provides high-speed market data access to exchanges in North America, Europe and Asia. Clients also include hedge funds, trading firms and providers of trading technology software.
Insight is a New York-based venture capital and private equity firm founded in 1995. Investments include microblogging service Twitter Inc., e-mail marketer ExactTarget Inc. (ET) and event planning site Cvent Inc.
To contact the reporter on this story: Ari Levy in San Francisco at firstname.lastname@example.org
To contact the editor responsible for this story: Tom Giles at email@example.com