Symphony Communication Services is a messaging company that provides news, information, and enables chat messages, mostly for Wall Street traders. The service is an alternative to longtime stalwart Bloomberg LP and has the backing of major Wall Street banks and investment houses like Goldman Sachs Group Inc., Morgan Stanley and BlackRock Inc. New reports indicate Google has decided to participate in a new round of funding for Symphony, which places the value of the company at around $650 million. Google’s participation will represent the first company from outside of Wall Street to get involved.
At one time Symphony was hoping to raise $1 billion. However, the company attracted the attention of regulators who were concerned with record-keeping issues. Eventually Symphony worked out a deal with New York regulators that outlines how the company will keep records in a manner than helps “ensure the banks’ responsible use” of the Symphony platform. Unfortunately for Symphony, it appears the attention they received may have hurt their market value.
In addition to the basic chat function, Symphony will provide news content from Dow Jones Newswires and The Wall Street Journal. They also have a partnership in place with S&P Capital IQ and Selerity. The Symphony service officially launched on September 15th. Symphony costs $15 per user per month for firms with 50 or more users and is free for individual use.
source: The Wall Street Journal
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