(December 8, 2008) Pivot, Inc., the leading provider of IM-based collaboration, broadcast, and liquidity management tools for the professional trading community, today announced the appointment of John H. Eley as Chief Executive Officer. The addition of Eley to Pivot’s executive team of industry veterans, together with the November 2008 Pivot 360 release, will continue to drive the Company’s rapid growth in the equities, equity options, and commodities markets.
“John has the experience and domain knowledge to lead Pivot in its next phase of aggressive growth,” said Steve Murray, partner at Softbank Capital and a Pivot board member. “The recent dislocation in the financial markets has created a unique revenue opportunity for companies like Pivot that can add efficiency, valuable data, and control to the trading activities of financial professionals across a variety of asset classes.”
The latest release of Pivot 360 extends the Company’s focus on serving the specific communication, collaboration, and liquidity management needs of the trading community while easing IT concerns on compliance, security, and administration. The release greatly enhances advanced liquidity management and data analysis functionality and multi-network reliability for the natural gas and oil trading communities. In addition, the Company migrated to its next generation architecture, adding flexibility and speed in bringing new products to market and asset classes into the Pivot network.
“Pivot’s suite of collaboration, broadcast, deal capture, and liquidity management tools are used by thousands of trading professionals in the equities, equity derivative, and OTC energy markets. These tools bring incredible efficiency to their trading rooms,” said Eley. “Professionally, it is exciting to join a company that has such a dramatic impact on market efficiency and how these firms trade.”
Pivot’s investment in its established team and technology underscores the Company’s ongoing commitment to deliver best-in-class communication, collaboration, and liquidity management products that make it easier for users to find, share, manage, and act on liquidity. The Pivot network is one of the fastest growing trading communities with more than 5,000 members representing over 200 firms.
Pivot is an interenterprise network that leverages Wall Street 2.0 communication and collaboration capabilities to create revenue-generation tools for trading-related workflows within the capital markets arena. The Pivot financial network allows buy-side and sell-side market participants to share market, pricing and liquidity information, thereby improving the efficiency, speed and transparency of block and OTC trading. Pivot’s customers share more than one quarter million quotes and quote-related exchanges in the equity, equity options and commodities markets over the Pivot network each day. Based in Jersey City, Pivot is backed by Eze Castle Integration and leading venture capital firms Softbank Capital, Draper Fisher Jurveston Gotham Ventures, Hudson Ventures, and EPIC Ventures.