Bailey McCann, Opalesque New York:
11 months ago, REDI spun-out from Goldman Sachs and has sense made updates to its product offering along with strategic acquisitions in order to create a broker agnostic technology platform for financial services. Today, the company announced that it has completed its acquisition of Bank of America Merrill Lynch's Instaquote. The acquisition included technology, clients, and employees.
Instaquote was REDI's first acquisition as an independent company and has accounted for a 20% increase in clients, along with the addition in headcount internally. Clients of Instaquote have been migrated to the REDIPlus system.
With the combined features, REDIPlus now offers a middle-office services, clearing, prime brokers, and expanded risk management capabilities. "This is the thought behind the spin-out, before we were just serving Goldman and now we can serve the financial services industry in addition to Goldman," Rishi Nagalia CEO of REDI tells Opalesque.
The company is also building out a large second office in Dallas Texas that will handle customer service and product support. REDI now integrates to all of the bulge bracket brokers across exchange traded asset classes. An SDK is also available for the developer community to customize parts of the REDI offering.
Users of REDI include not only the bulge brackets but also hedge funds, sovereign wealth funds, and family offices. Nagalia noted that the next phase will be wor......................
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