Broadway Technology Company Profile
Background
Overview
Broadway Technology is a leading provider of high-performance front-office financial technology solutions, specializing in fixed income trading. Founded in 2003, the company has established itself as a trusted partner to top-tier global banks, hedge funds, and proprietary trading groups. With a focus on innovation and collaboration, Broadway Technology delivers comprehensive solutions that address complex trading workflow challenges.
Mission and Vision
Broadway Technology's mission is to bridge the gap between cutting-edge trading systems and the professionals who build and benefit from them. The company's vision is to empower financial institutions with advanced, flexible, and scalable trading solutions that enhance efficiency, transparency, and competitiveness in the evolving fixed income markets.
Primary Area of Focus
The company's primary focus is on providing high-performance trading solutions for electronic fixed-income markets. Broadway Technology offers open, flexible, and complete solutions for screen and automated trading operations of any size and complexity, managing hundreds of billions of dollars in transactions daily worldwide.
Industry Significance
Broadway Technology has been recognized for its contributions to the financial trading technology industry, including being named Best Trading Solution for Fixed Income Markets in the TradingTech Insight Awards USA 2023. The company's innovative approach and commitment to excellence have solidified its position as a significant player in the fintech sector.
Key Strategic Focus
Core Objectives
Broadway Technology aims to deliver transformative solutions that solve the toughest fixed income workflow challenges, enabling clients to build and scale their businesses while protecting legacy technology investments and leveraging new innovations.
Specific Areas of Specialization
The company specializes in providing high-performance trading solutions for electronic fixed-income markets, offering open, flexible, and complete solutions for screen and automated trading operations.
Key Technologies Utilized
Broadway Technology's solutions are underpinned by its powerful enterprise platform for smart real-time computing, known as the Toc. This platform enables seamless integration of legacy software systems, unprecedented visibility into and control over enterprise data, and a wide range of large integrated business applications.
Primary Markets or Conditions Targeted
The company's solutions are designed to meet the stringent performance requirements of automated trading and the broad functional needs of dealing desks, serving both sell-side and buy-side clients, including more than half of the top 25 banks in the world.
Financials and Funding
Funding History
In May 2017, Broadway Technology announced a $42 million minority investment led by Long Ridge Equity Partners. The financing aimed to accelerate the company's growth into new global markets and further expand its product and service offerings.
Total Funds Raised
The company has raised a total of $42 million in funding.
Notable Investors
Long Ridge Equity Partners led the $42 million investment in 2017.
Intended Utilization of Capital
The capital was intended to accelerate Broadway Technology's global expansion and enhance its product and service offerings.
Pipeline Development
As of October 3, 2023, Bloomberg completed its acquisition of Broadway Technology, integrating the company's solutions into Bloomberg's Electronic Trade Order Management Solutions (ETOMS). This acquisition aims to further develop comprehensive, low-latency order and execution management solutions for the credit and rates markets.
Technological Platform and Innovation
Proprietary Technologies
Broadway Technology's proprietary technology includes the Toc platform, an event-driven, distributed data-oriented architecture that underpins all its solutions. The Toc simplifies and accelerates the development of large-scale low-latency distributed systems, allowing clients to build advanced trading systems and integrate easily with existing infrastructure.
Significant Scientific Methods
The company's solutions leverage advanced algorithms and data-oriented architectures to optimize trading workflows, enhance performance, and ensure scalability. These methodologies enable seamless integration and unprecedented control over enterprise data.
Leadership Team
Executive Profiles
- Tyler Moeller: Co-Founder and Chairman. Tyler co-founded Broadway Technology in 2003 and served as CEO until 2021. He has been recognized as one of Institutional Investor’s top 40 global leaders in trading technology and as an Ernst & Young Entrepreneur of the Year. Tyler holds multiple patents in distributed computing and trading technology and earned his SB and MEng in Computer Science and Electrical Engineering from MIT.
- Dario Gatta: Chief Information Officer. Dario oversees Broadway’s corporate IT, information security, and technology operations, as well as its Greyspan business, which offers full-service colocation, cloud hosting, and system oversight. He has more than 20 years of experience in technology and capital markets, with a focus on software development, product management, and professional services.
- Shawn McDonald: Chief Product Officer. Shawn has been with Broadway Technology for 13 years, serving in various roles including software consultant and Chief of Staff. He focuses on orchestrating large-scale business initiatives with an emphasis on execution, speed, repeatability, and scalability.
Leadership Changes
In October 2023, Bloomberg completed its acquisition of Broadway Technology, integrating the company's solutions into Bloomberg's Electronic Trade Order Management Solutions (ETOMS). This strategic move aims to enhance Bloomberg's capabilities in providing comprehensive, low-latency order and execution management solutions for the credit and rates markets.
Competitive Landscape
Market Insights and Dynamics
The financial technology sector, particularly in the realm of fixed income trading solutions, is characterized by rapid innovation and increasing demand for low-latency, scalable, and flexible trading platforms. Market participants are seeking solutions that can seamlessly integrate with existing infrastructure while providing advanced functionalities to maintain a competitive edge.
Competitor Analysis
Broadway Technology operates in a competitive landscape with several notable players:
- Trading Technologies: A provider of high-performance trading software and solutions for professional traders and institutions.
- Portware, a FactSet Company: Offers advanced trading solutions and analytics for institutional investors.
- AxeTrading: Specializes in electronic trading solutions for fixed income markets.
- TransFICC: Provides low-latency connectivity and trading solutions for fixed income markets.
These competitors offer various trading platforms and solutions, each with unique features and capabilities. The competitive landscape is dynamic, with companies continually innovating to meet the evolving needs of the financial markets.
Strategic Collaborations and Partnerships
In October 2023, Bloomberg completed its acquisition of Broadway Technology, integrating the company's solutions into Bloomberg's Electronic Trade Order Management Solutions (ETOMS). This acquisition aims to further develop comprehensive, low-latency order and execution management solutions for the credit and rates markets.
Operational Insights
Broadway Technology's strategic focus on innovation, collaboration, and client-centric solutions has positioned it as a significant player in the fintech sector. The company's commitment to enhancing fixed income trading workflows and its ability to integrate seamlessly with existing infrastructure provide it with a competitive advantage in the market.
Strategic Opportunities and Future Directions
The acquisition by Bloomberg presents opportunities for Broadway Technology to leverage Bloomberg's global reach and resources to accelerate the development and deployment of its trading solutions. The combined entity is well-positioned to deliver comprehensive, low-latency order and execution management solutions for the credit and rates markets, addressing the growing demand for electronic trading in these asset classes.
