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UPDATE 1-Messaging platform Symphony seeks more funding: WSJ

Published 2015-07-26, 07:37 p/m
UPDATE 1-Messaging platform Symphony seeks more funding: WSJ
TRI
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(Adds company comment)
By Mike Stone
July 26 (Reuters) - Symphony Communication Services LLC, an
instant messaging software company backed by Goldman Sachs Group
Inc. GS.N and other finiancial institutions, is seeking
additional funding that could value the startup at up to $1
billion, the Wall Street Journal reported on Sunday.
Palo Alto, California-based Symphony is approaching
venture-capital funds and financial institutions to probe for
interest in investing in the secure instant messaging platform,
according to the WSJ report.
Citing unnamed sources, the newspaper said Symphony is also
soliciting additional funds from its existing financial backers.
Last year, 14 investment banks formed a consortium to invest
$66 million in Symphony. At the time of that investment, the
company said it expected those financial institutions, which
included Morgan Stanley, MS.N JPMorgan Chase & Co, JPM.N
BlackRock Inc BLK.N and Goldman Sachs, to be early adopters of
the technology.
Many finance professionals communicate with colleagues,
customers and peers over secure instant messaging platforms such
as Symphony.
A deal for the funding is not imminent, the report said.
In April, Tom Glocer, former chief executive officer of
Thomson Reuters Corp TRI.TO , joined Symphony's board of
directors as an observer.
A Symphony representative declined to comment Sunday
evening.

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