MoneyLine Secures $36 Million in Strategic Round of Funding; Major Investors Reaffirm Market Demand for Hosted Application Services for Transactional and Data Delivery Solutions
NEW YORK–(BUSINESS WIRE)–Jan. 5, 2001
MoneyLine, a leading provider of hosted electronic commerce applications and financial content, today announced that it has completed a $36 million round of funding. Key investors include Accel Partners, Bank of America, Comdisco, Garban-Intercapital plc, Global Crossing and Merrill Lynch.
The capital raised will enable MoneyLine to continue advancing its e-commerce infrastructure to service the electronic business requirements of the financial services marketplace. MoneyLine has a unique global ASP (application service provider) business model that not only allows it to provide robust, Internet-based hosting services and a distribution channel through which market participants connect to diverse communities, but the firm also owns valuable content, analytic models and trading applications that it makes available as part of these solutions. By building on MoneyLine’s position as a neutral partner, financial services firms are able to meet the individual trading, content delivery and application needs of clients and internal users.
“This powerful combination of investors includes the world’s largest dealer, the world’s largest inter-dealer broker, America’s largest bank and the world’s most significant global fiber network provider. Combined, these firms provide a significant impetus for our business mission,” said Jon Robson, president and CEO, MoneyLine. “MoneyLine shareholders now include content consumers, benchmark pricing sources and a network infrastructure that will help MoneyLine support market demand for end-to-end solutions that combine real-time content distribution with transactional capabilities.”
“This investment in MoneyLine gives Bank of America added flexibility in delivering real-time market data, content, and transaction systems to our clients and our associates who serve them,” said Christiane Mandell, head of Global Corporate and Investment Banking e-Commerce for Bank of America. “Internet-based delivery of these applications will help us provide comprehensive services for our clients, while reducing delivery costs.”
Bruce Golden of Accel Partners added, “This significant investment from high-caliber strategic partners is a solid endorsement of MoneyLine’s business model, management and vision.”
“Our investment in MoneyLine underscores our shared commitment to offer total end-to-end solutions for global banking and financial services customers as they outsource mission-critical infrastructural needs,” said David Walsh, President and COO of Global Crossing. “By combining MoneyLine’s premium information content and trade management technology with the IP connectivity services of Global Crossing’s financial markets Extranet, we reinforce our role in this community as the comprehensive access provider through a single connection.”
MoneyLine Network, Inc. is a leading provider of hosted Internet-based transactional services, real-time and historical content, and applications to financial professionals. Content partners include Dow Jones Newswires, GovPX, Garban-Intercapital plc, IFR Thomson, S&P, Interactive Data, Market News International, Stone & McCarthy, MCM, WeatherMarkets.com and global exchanges. Customers are able to receive and distribute proprietary information without the expense of dedicated terminals. The firm, established in 1998, is headquartered in New York City. For more information, please visit the company’s website at www.moneyline.com.
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