Deals in 2010
Sector Financial Software
ICON Corporate Finance has advised on the completion of the first tranche of a £2.4m investment round into Velsys, a leading provider of e-FX trading software to the Financial Services sector. ICON introduced the VC investor syndicate of Pentech Ventures and US-based TL Ventures to the company and advised management on negotiating the terms of the investment.
Velsys is a leading developer of innovative software that integrates bank, broker and client-side FX dealing technology, and it has a top tier client base including Deutsche Bank and Merrill Lynch. The funding will be used to support expansion of the company's UK and US operations having recently relocated it’s head office from Adelaide to London.
CEO Alan Scott said, "I am very excited about these changes at Velsys. We have assembled a great team here in London and Australia and have expanded our product range to keep ahead of FX trading developments. We will continue to work closely with our clients to build the automated FX trading solutions to meet their business needs."
Eddie Anderson, founder and Partner of Pentech Ventures, said, "Velsys fits well into our software company investment portfolio. We were especially attracted to Velsys as it is very focused on the niche of automated FX trading and connectivity software solutions. We see this investment as a growth opportunity with the continued expansion of the global FX markets."
Eddie Harding of ICON Corporate Finance who introduced the investors to the company and advised management on the deal said, "We are delighted to have attracted investment from Pentech and TL Ventures both of whom have significant experience investing in Software businesses in the Financial Services sector. FX is an exciting growth market and Velsys has proven technology and the right business model to achieve considerable success in this space."