Capital Markets Gateway recently announced a partnership with Bank of America and Credit Suisse to expand its global presence.
The partnership will also include participation from existing investors Citi, Fidelity Investments, Franklin Templeton, Goldman Sachs, J.P. Morgan, Morgan Stanley, Shea Ventures, and StageDotO, according to a Jan. 20 press release.
“For years, market participants have asked for an industry-driven, technology solution that directly connects the buy-side and sell-side to address workflow communication inefficiencies in the primary issuance market,” Co-Head of Global Capital Markets at Bank of America Elif Bilgi Zapparoli said in the release. “As the market structure has evolved and such solutions in other asset classes have emerged, we are pleased to now partner with CMG to combine our technologies in the equity capital markets to deliver best-in-class capabilities to clients.”
Funding from the venture will support CMG’s launch of the first connected equity capital markets (ECM) platform in the United States, as well as the company's objective to expand globally, the release stated.
“We are in the position where our investors are also the target audience for our platform," CMG CEO and Co-Founder Greg Ingram said in the release. "Their guidance, support, and investment capital are further confirmation that we have built the right tools for the industry, in the right way, at the right time. This collaboration has helped shape the industry’s most innovative ECM platform featuring intuitive workflow, powered by standardized data. Our technology will vastly improve the investment process.”
The CMG XC network has garnered more than 100 investment firms, which are collectively worth $20 trillion in AUM, according to the release.
“As an early investor in CMG and an early adopter of the platform, we have been able to leverage its data-driven capabilities to help streamline our workflows," Head of Global Syndicate for Fidelity Investments Michael Baumann said in the release. "We are excited about CMG’s leading role in the evolution of equity capital markets."