Cape Clear scores deal with MoneyMate

11 Dec 2002

Dublin web services technology company, Cape Clear, has secured a multi-million euro deal with major European funds solutions company MoneyMate, to enable its 300 customers integrate real-time fund data with applications throughout their organisations.

MoneyMate provides over 300 firms, including banks, investment companies and websites, such as the Financial Times, with Europe-wide fund information and analysis tools. By using web services technologies, MoneyMate intends to give its clients the opportunity to quickly and easily integrate that information with their existing websites and internal business applications.

MoneyMate is understood to host many of its applications and content, including Financial Times’ material, in Dublin at TeleCity’s data centre in Citywest. The company maintains one of the most extensive databases of European fund information, together with a range of advanced fund analysis and sales solutions. The database incorporates over 50,000 Europe-wide funds, including daily prices and background fund information, plus thousands of international indices. Financial institutions such as Charles Schwab Europe, Egg, Generali and Skandia use MoneyMate’s products at point of sale. The organisation has established content alliances with key European financial information providers including Tijd Beursmedia, APT, FT Interactive Data, FT Fund Ratings, TechRules and I-Net Bridge.

Cape Clear was established in 1999 by Iona co-founder Annrai O’Toole and last year the firm raised US$16m in venture capital from Accel Partners, Greylock Capital and Dublin-based ACT Venture Capital.

In recent months, Cape Clear succeeded in joining SWIFT, a major global network of financial institutions, with a view to speeding up the integration of the banks’ ability to exchange messages valued at trillions of dollars every day. SWIFT is a worldwide community with over 7,000 financial institutions in 197 countries, which are active in payments, securities, treasury and trade services, and collectively exchange trillions of dollars worth of transactions over a dedicated messaging platform.

By John Kennedy