Accelerated global demand among financial institutions for 29West high performance messaging solutions drives record company revenue and profitability.
Chicago, USA, 7 January, 2010– 29West, the market leader in high performance, low-latency messaging solutions for financial institutions, announced record revenue and earnings for 2009, effectively doubling its 2008 financial performance. In Q4 alone, the firm added nine major new customers and nearly doubled the revenue of its previous record quarter set in Q3.
“Capital markets participants of all kinds are increasingly aware of the crucial profit differential to be had from implementing a superior messaging solution across the trade flow. As a result, we are consistently replacing legacy solutions with 29West solutions,” said 29West president and founder Mark Mahowald after 14 straight quarters of record growth. “With a record pipeline and more enterprise deals in the works for 2010, we are on our way to almost double our top line growth again this year.”
In all, the firm added more than 20 new customers in 2009, with significant deals in Asia, Europe, and the US. The more than 140 deployments to date are distributed across large banks, exchanges and hedge funds. Additions to the customer roster for 2009 include four new global “bulge bracket” bank customers as well as leading firms in India and Canada.
“The accelerating demand for Ultra Messaging® demonstrates that 29West has become the clear standard among sophisticated players for next-generation messaging solutions across all asset classes, including FX, equities, and fixed income,” Mahowald said. “The CTOs, CIOs and architects we speak with understand what it’s going to take to build next-generation trading platforms — to meet the current demands of this very competitive trading environment, the same old solutions won’t work.”
29West is hosting a series of events around the globe known as the Zero Latency Tour. With nearly 300 attendees in London, New York and Chicago in 2009 and more anticipated in Tokyo and other venues in 2010, the firm has continued to emphasize the critical benefits of latency, stability and scalability to all kinds of market participants.
For video highlights from the 2009 Zero Latency Tour and more information on upcoming events, please visit http://www.29west.com/news/events/zero-latency.html
With more than 140 production deployments since 2004 and offices in Chicago, New York, London and Tokyo, 29West provides enterprise strength, enterprise wide messaging for next-generation trading platforms. For more information, visit www.29West.com
