Harbottle & Lewis advises RSRCHXchange on its strategic investment from Euclid Opportunities
Harbottle & Lewis has advised RSRCHXchange, a cloud-based marketplace and MiFID II workflow solution for accessing institutional research, on its strategic investment from Euclid Opportunities, NEX Group’s financial technology investment business.
The investment will enable RSRCHXchange to continue to expand its global footprint and accelerate growth.
RSRCHXchange launched RSRCHX, its marketplace and MiFID II workflow solution for institutional research in 2014, in anticipation of the unbundling rules which come into force in January 2018.
A technology driven solution, RSRCHX dramatically improves the way financial institutions manage and consume research, and is used by more than 1,000 asset management firms and around 190 bank, broker and boutique research providers. The marketplace enables asset managers to consume, purchase and monitor research in one purpose-built solution, which tracks firm-wide consumption, improves the procurement process and ultimately ensures MiFID II compliance.
Michael McFadgen, Managing Director at Euclid Opportunities, said: “MiFID II research unbundling is a key challenge for our clients and the wider market in 2017. RSRCHXchange is bringing next generation technology to solve a complex regulatory challenge while also allowing both providers and consumers of research to extract greater value from content. The business has made amazing progress thus far and we’re delighted to bring our capital, operational expertise, and networks to help scale the business globally.”
Vicky Sanders, Co-Founder, RSRCHXchange, said: “We are thrilled to have received investment from Euclid Opportunities, who have a proven track record of investing and growing innovative fintech firms. Their investment is testament to our business model and comes at a time of great momentum for our RSRCHX platform. We look forward to Euclid’s support well beyond the implementation of MiFID II, to achieve our growth ambitions for the future.”
Tony Littner, Head of Harbottle & Lewis’ Startup and Venture Capital Group said: “Having advised RSRCHXchange ever since it was a pure startup including on its previous investment rounds, we were delighted to have been able to support the company again on this important strategic investment.We very much look forward to working with Vicky and Jeremy and their team going forward.”
On working with Harbottle & Lewis, Vicky Sanders, Co-Founder, RSRCHXchange commented: “We have been working with the team at Harbottle since we set up RSRCHXchange two and a half years ago so we knew they would be the best advisers for our Series A financing. We continue to be impressed by their professionalism and passion, and the depth and breadth of their expertise which is why we look forward to working with them as our business grows.”
Tony Littner led the team at Harbottle & Lewis which advised on the transaction with support from,among others, Felix Wong (Corporate) and Jamie Feldman (Employment).