10 December 2012
OpenGamma Caps Milestone Year with Key Executive Appointments
Industry veteran Mas Nakachi Joins as Global COO and CEO, North America, as Company Leverages Significant New Investment to Expand Management Team and Capitalize on Global Momentum
NEW YORK, 10 December 2012 – OpenGamma, creators of the first open source analytics and risk management platform for the financial services industry, today announced the appointment of Mas Nakachi as Global COO and CEO of North America. OpenGamma continues to invest in its senior management team, bringing on top industry talent to strengthen service delivery, enhance local client support and capitalize on the growing global demand for the OpenGamma Platform.
Nakachi joins OpenGamma’s senior management team from Calypso Technology, where he was most recently director of business development for the rates, fixed-income and credit business. In this position, Nakachi was responsible for ecosystem development, marketing, client support and new product development initiatives, as well as strategic client acquisition for Calypso’s largest business solution segment. He previously served as Calypso’s director of strategy and corporate development, and began his career developing and growing Calypso’s credit derivatives business, establishing it as a number one ranked solution, as acknowledged by numerous industry publications. A recognized expert and industry thought leader on credit derivatives, structured finance and OTC derivatives market structure, Nakachi brings over a decade of proven experience to his role at OpenGamma. Based in New York, he will oversee the company’s North American operations and work with the London-based executive team to manage all operational areas of the business.
Nakachi’s recruitment follows several recent high-profile OpenGamma appointments, including the addition of Hugh Stewart as global head of sales. Stewart brings more than three decades of global financial services and technology experience to the OpenGamma executive team, including demonstrated success growing start-ups and significantly increasing sales for established enterprise software firms. Prior to joining OpenGamma, Stewart most recently served as sales director at SmartStream Technologies. Throughout his career, he has held senior business development and leadership roles at global firms, including his tenure as Managing Director at Bankers Trust, C*ATS Software, Algorithmics and QuIC Financial. These executive appointments underscore OpenGamma’s continued success and maturing business model, as the firm leverages its recent $15 million Series C funding roundled by ICAP plc to bring on key personnel, drive continued product innovation and accelerate client and geographic growth.
“OpenGamma continues to invest in our people, our product innovation, and our growing open source community as we work to democratize and radically change the levels of transparency related to risk analytics within capital markets,” said Kirk Wylie, Co-founder and CEO of OpenGamma. “Mas and Hugh both offer invaluable industry knowledge and proven experience, and share our vision and enthusiasm to change how firms view their risk infrastructures, navigate today’s volatile regulatory environment, and access and deploy the most cost-effective, powerful risk analytics tools available.”
2012 has been a landmark year for OpenGamma, beginning with the launch of the OpenGamma Platform 1.0 in April. This was followed quickly by the company’s recognition as the winner and “Top Innovator” at the Innotribe Startup Challenge held in Belfast, honoring the company as one of the most promising financial technology and financial services start-ups and earning them a trip to the Innotribe Startup Challenge Finals at Sibos, SWIFT’s annual conference, in Osaka, Japan. OpenGamma was also selected as one of Risk Magazine’s Firms of the Future, a select group of organizations forecast to have the biggest impact on the OTC derivatives market over the next five years. Building on this success, OpenGamma recently announced their $15 million Series C round of equity financing led by ICAP plc and joined by Euclid Opportunities, with follow-on investments from previous investors Accel Partners and FirstMark Capital.
“The demand we are seeing for the OpenGamma Platform highlights the belief we held from our first vision of OpenGamma: that the industry needs a new standard for risk analytics,” said Mark Beeston, Chief Executive Officer for ICAP’s post trade and risk mitigation businesses and member of OpenGamma’s Board of Directors. “OpenGamma’s ability to attract executives of Mas and Hugh’s caliber is a testament to the company’s truly disruptive business and technology model, recognized innovation, and the collaborative community they’ve created that will usher in a new era for financial services technology.”
OpenGamma was founded in 2009 to develop an open platform for analytics and risk management for the financial services industry. The company’s flagship technology product, the OpenGamma Platform, is designed to allow financial services firms to unify their calculation of analytics across the traditional trading and risk management boundaries. The company is headquartered in London with an office in New York.