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CORVIL SECURES $12 MILLION IN NEW ROUND OF FUNDING
July 14, 2008
DUBLIN, Ireland, July 9 --
Corvil Ltd, the technology and market leader in latency management systems for trading network infrastructure, today announced that it had secured $12 million in a new round of funding.
Vesbridge Partners joined existing investors ACT Ventures and APAX Partners, to lead the new round. Vesbridge's Zenas Hutcheson has been named to Corvil's Board of Directors.
Corvil will use the new financing to expand its capabilities to meet the demands of global investment banks, hedge funds, ECNs, exchanges, and network service providers seeking the lowest
possible latency for high performance trading.
Donal Byrne, CEO said "One of the most pressing issues impacting global financial firms is how to increase speed and reduce latency when accessing market data and trade execution venues.
Electronic traders need to be confident that orders are executed with the least possible latency. A Latency Management System that continuously monitors, analyzes and optimizes the network
for low-latency performance is what is needed. Only then can they be certain that the network can deliver the service levels required by high performance trading applications. This new
financing recognizes Corvil's success in providing solutions for latency management to traders and network operators and architects in global financial markets. We are pleased to have
Vesbridge be part of our continued success."
Zenas Hutcheson reported, "Corvil has unique technology, a strong team, and addresses a rapidly expanding market for latency management of high performance electronic trading infrastructure.
This demand is driven by growth in algorithmic trading, direct market access (DMA), exchange co-location, and the increasing need for high quality market data. Corvil has developed targeted
solutions that enable its customers to build networks that continuously meet the stringent demands of high frequency trading while quickly identifying and resolving problems when they occur.
We are excited about the opportunity and look forward to working with the Corvil team."
The TABB Group has estimated that The US capital market spending on advanced trading technology totaled $860 million in 2007 and expects spending to reach $1.3 billion by 2010.
Corvil was founded in 2000 to address difficult challenges in network performance and optimization brought about by increasing sensitivity of modern networked applications to latency. These
challenges included microburst detection and real-time determination of the bandwidth required to meet pre-specified service quality levels for networked applications. In 2007, Corvil
increased its focus on latency management in high frequency trading infrastructure. In October Corvil announced that the London Stock Exchange had deployed the CorvilNet(TM) solution to
help achieve low-latency in LSE's access network and record performance levels for its new trading system, called TradElect(TM). In November, 2007 Corvil announced that Deutsche Borse Systems
deployed CorvilNet(TM) to ensure the success of Deutsche Borse Group's Eurex market data service to significantly enhance support of algorithmic trading. In June, 2008 Corvil announced that
Credit Suisse has selected CorvilNet(TM) for a global network deployment. Corvil teamed with BT to deliver a best-in-class solution for latency management and optimization of the Credit
Suisse network.
About Vesbridge Partners
Vesbridge, formerly the Networking & IT Infrastructure team of St. Paul Venture Capital, is an early stage venture fund actively investing in networking, data center, storage, and wireless
technologies (see www.vesbridge.com)
About Corvil
Corvil is the technology and market leader in Network and Application Latency Management Systems for the global financial markets. Corvil's products offer SLA compliance, Performance
Monitoring, Event Troubleshooting and Network Optimization to provide a complete solution for market data feeds and trade-order latency management. Corvil's customers include leading
Investment Banks, Hedge Funds, Exchanges and Network Service Providers.
Media Contact:
Jorge Lavina
CooperKatz & Co. for Corvil
917-595-3047
jlavina@cooperkat.com
SOURCE Corvil Ltd
Jorge Lavina of CooperKatz & Co., +1-917-595-3047, jlavina@cooperkat.com, for Corvil
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