Integral Secures Financing from MMV Financial Inc.
Mountain View, CA – May 7, 2008 – Integral Development Corporation, an independent facilitator of electronic foreign exchange (eFX) trading, secured an undisclosed amount of financing from MMV Financial Inc. The Company’s investors include Accel Partners and Hudson Ventures among others.
“The recent boom in FX trading makes this space very attractive,” commented Ron Patterson, Executive Vice President of MMV Financial Inc. “Integral is well-positioned to take advantage of this growth trend, particularly as more FX trading becomes electronic.”
“This funding will allow us to expand our sales and marketing presence, as well as consolidate our position as an innovator in facilitating eFX trading,” commented Harpal Sandhu, CEO and co-founder of Integral. “MMV quickly recognized our value proposition and we are pleased to have them as a partner.”
Integral is a foreign exchange technology and application provider of, private, white label, FX trading solutions to foreign exchange market participants. Integral's innovative solutions provide financial institutions with operational efficiencies and the ability to optimize liquidity by configuring and creating their own private, branded FX trading system. The Company’s flagship product, FX Inside Professional™ is the industry's first direct market access (DMA) trading system that aggregates FX spot prices into one executable application. Integral's private, customer-branded trading solutions are managed and operated over Integral's FX Grid®, a global inter-institutional connectivity and trading network, linking market making banks and major financial institutions.
Integral's solutions and services are delivered in a Software-as-a-Service (SaaS) format so users can go live quickly without adding software, migrating data or affecting IT infrastructure.
About Integral Development Corporation
Integral's solutions and services are delivered as Software-as-a-Service (SaaS) so that eFX trading providers can enter new markets quickly without having to own and operate any IT infrastructure. Integral develops and operates FX Grid®, a global open electronic FX network which connects active market participants with all major sources of FX liquidity. Together with FX Inside, its real-time aggregated trading system, Integral's products represent the intersection of direct market access and algorithmic trading in the foreign exchange markets.
Founded in 1993, Integral employs more than 200 professionals and maintains development, support and sales offices in Silicon Valley, Chicago, New York, London, Tokyo, Singapore and Bangalore. Investors include Accel Partners, Ignite Group, ABN Amro, Hudson Ventures, Bain Capital and AIG.
Curt DiSibio
Chief Financial Officer
Integral Development Corporation
+1 650 919 1028
curt.disibio@integral.com
About MMV Financial Inc.
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Quebec, HSBC, NewStar Financial Inc., and Wells Fargo Company. For more information visit www.mmvf.com, or contact:
Ron Patterson
Executive Vice President
MMV Financial Inc.
+1 416 977 9718
rpatterson@mmvf.com