#Enfusion iconiq growth 150m software
It started with portfolio-management software but kept adding functions, from general accounting to trade execution and order management. They're the leader in their space."Įnfusion was founded in 2006 by two Citadel veterans, Tarek Hammoud and Stephen Malherbe, and Scott Werner, who worked at Lisle-based Ritchie Capital Management. "They're in part of a market that no one knows about unless you're in the industry. "They fly under the radar," says Jeremie Bacon, who led a Chicago-based tech company that sold software to hedge funds. Headcount nearly doubled last year to 500, including 150 in Chicago. Revenue is estimated to have grown at an annual pace of about 40 percent during the past several years to $100 million. About 500 customers use the company's "hedge fund in a box" software package, which includes all the applications needed to run a hedge fund. 21, Chicago-based online options-trading company Tastytrade said it would be acquired for $1 billion in cash and stock.įounded by Citadel alums, Enfusion quietly became a top provider of hedge fund software over the past 15 years. Enfusion is the latest in a line of successful companies stretching back to digital-trading pioneer Archipelago Holdings, founded here in the mid-1990s. The deal also demonstrates the important but often overlooked role that Chicago's financial markets play in the city's technology sector.
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