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London, 29 November 2001- Netik, a global financial solutions provider for STP (Straight Through Processing) and T+1 (Trade date plus 1-day settlement) is delighted to announce the completion of a series B funding round lead by Advent Venture Partners, investing along with Warburg Pincus, an existing Netik investor. This round represents $15,000,000.

John Wise, CEO, Netik says: “Netik is very pleased that we have attracted another prestigious independent investor, Advent Venture Partners, to complement Warburg Pincus. Netik continues to grow by strengthening our products, services, management and customers. This investment will enable Netik to continue this process and ensure that we consolidate our position as the preferred product for STP for the financial services sector. “

Netik is uniquely differentiated through its end-to-end STP solution, combining transactional workflow, messaging, integration, matching/reconciliation, and reporting. Netik’s solutions service the financial securities, banking and insurance markets.

Colin Close, CIO, adds: “Netik’s suite of products are vital to solving the STP and Global STP issues faced by many of our customers. Netik’s product strategy has always been innovative and this support will enhance our research and development team’s capabilities to achieve competitive advantages for our customers.”

Netik achieved c.100% revenue growth in the last financial year and released InterStream v2.0 product. Industry analysis estimates that the industry will spend $19 billion over the next four years on STP. Netik’s products are uniquely positioned to capture a significant share of this market.

James McNaught Davies, Director, Advent Venture Partners, commented: “Netik is at an important stage in their development and this financing will enable them to take advantage of the anticipated substantial growth in this market”

Ends


For further information, please contact:


Netik Holdings Ltd
John Wise
0207 293 8400
jwise@netik.com


for Netik

Karin Clark/Becky Couchman
Write Image (for Netik)
020 7959 5400
karin@write-image.co.uk
becky@write-image.co.uk



Advent Venture Partners

Peter Baines
0207 630 9811
peter.baines@adventventures.com


Annabel O’ Connor/Tim McCall
GCI Financial (for Advent Venture Partners)
020 7398 0800
aoconnor@gcifinancial.com / tmccall@gcifinancial.com



Notes to Editors

Advent Venture Partners, based in London, was founded in 1981 and is one of the longest established independent technology venture capitalists.

Advent specialises in technology (software, hardware, communications, and IT services) and healthcare (biotechnology, pharmaceuticals and devices) investments in the UK and Continental Europe.

Advent Venture Partners and its associates currently have total funds under management in excess of £475 million (€ 760 million). Since 1981, the company has funded over 150 companies in UK, Europe and the US.

Advent invests between £5 million and £20 million in companies from start-up through to pre-flotation stage.

For more information, visit: http://www.adventventures.com


Netik Holdings Ltd

Netik is a global company solely focused on providing mass automation business solutions for financial services companies preparing for T+1, Straight Through Processing (STP) and Global Straight Through Processing (GSTP) initiatives.

Netik’s global team has expertise in all phases of financial transactions and financial technology solutions. Netik offers financial institutions opportunities to achieve higher volumes of transactions securely; bring new products and services to market in a timely fashion and realize greater profits.

Netik has a number of significant business partners, including Microsoft, Compaq and Unisys. With a rapidly expanding list of global clients, Netik has provided effective solutions to banks, broker dealers, asset managers and insurance companies customers. Netik established in 1997 now has offices in major locations around the world – New York, London, Chicago, San Francisco, Los Angeles and Toronto with distributors in Latin America and Asia Pacific.

This press release was distributed by ResponseSource Press Release Wire on behalf of Metia LTD (formally Write Image Ltd) in the following categories: Consumer Technology, Personal Finance, Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.