Press Releases in 2001
Tamesis
ICON attract £2.5m funding for software comapny Tamesis
July 2001
Investors have identified Tamesis, a company that develops trading software for leading investment banks, as a prospect for fast growth. Tamesis has recently completed a first funding round of £2.35 million equity investment from leading technology investors The Baring English Growth Fund (“BEGF”) alongside Venture Capital Trusts advised by Yorkshire Fund Managers Limited.
Tamesis, which operates in Europe and the US, designs, develops and sells financial software that provides a solution to the increasing strain being placed on the systems within global investment banks. The company has created a web enabled, enterprise-wide trading system that functions in real time which solves the problems that legacy systems were never designed to cope with: e-commerce, globalisation and continuous 24-hour trading. The software uses the latest XML and Java technology and allows customers to share both information and applications across IT systems without wholesale changes being made to architectures, protocols and network connections. Importantly, the software allows risk management information to be passed to traders and managers in close to real time, providing a view not only of the risk profile but also the return versus that risk.
James Tomlin, founder and CEO of Tamesis said: “Investment banks are looking to new technologies to derive genuine competitive advantage. For many banks the challenge is to find a software solution that brings together their trading activities without the need for a wholesale replacement of existing systems that are providing a good service, albeit in a single asset class, which of course is encouraging to a company such as ours”.
Customers choose Tamesis because it offers a highly scalable and flexible solution that can provide an easy migration platform for e-commerce applications. Existing customers using Tamesis’ software include banking giants such as Merrill Lynch and a major European investment bank. Both banks selected Tamesis only after rigorous performance testing and are deploying the software globally. Tamesis have offices in both New York and London, allowing them to provide a truly global service to their customers.
Eddie Harding of ICON Corporate Finance who advised Tamesis and managed the current round of funding said: “Despite the current difficulty in the technology markets, this deal demonstrates that quality technology companies are still winning funding. The investment banking market is predicted to grow to $11 billion by 2003 and Tamesis is well positioned as a result of its strong initial performance and impressive customer base, to secure a significant share of this.”
The investment of £2.35 million will allow Tamesis to develop their infrastructure and maintain service levels as more software licences are sold. The increasing need of the major financial institutions to invest in the new web enabled real time systems is driving Tamesis’ growth. The company currently employs 20 staff.
Andrew Henton, investment partner at BEGF commenting on the deal said: “We supported Tamesis because its technology works and it has a compelling value proposition to offer customers. The team has a long track record in successfully providing solutions to the leading investment banks, and the quality of the company’s customer base today speaks for itself. We are excited about contributing to Tamesis’ future growth in Europe and North America.”
David Livesley, of co investors Yorkshire Fund Managers added:” The team of Tamesis combine an excellent combination of sales and delivery with a depth not normally found in companies at their current stage. Their in-depth knowledge of their target market shows both in the style of product they have developed, and its match to unmet needs in customers well known for their inclination to invest in technology to enhance their business processes.”
Chris Sherliker of Silverman Sherliker provided legal advice to Tamesis on the deal and Jim Gervasio of Keeble Hawson advised The Baring English Growth Fund & Yorkshire Fund Managers.
