Tuesday, 6 October 2015

Google Invests In Wall Street Messaging Tool Symphony

Google has participated in a new round of funding for Symphony Communication Services, valuing the company at $650 million, reports Dow Jones. The deal is expected to close this week.

Launched last year, the Palo Alto-based messaging service has previously received financing from Wall Street giants including Goldman Sachs, Morgan Stanley, JP Morgan and BlackRock. Symphony hopes its communications software will compete with Bloomberg’s financial terminal business, by providing news and research from Dow Jones.

Symphony built a cloud communications service, which is compliant with FINRA and Sarbanes-Oxley, no easy task. Of course, you can have Slack-like conversations and create virtual discussion rooms, both public and private, but the trick is that there are special rules around who can talk to whom and the system has to respect the rules.

Users can also do things like follow certain subjects via a hashtag system, so they can easily track a particular industry within the platform by setting up a set of rules, allowing people to track content, conversations and public social chatter about subjects that matter to them.

The product is actually available for free for anyone who wants to use it as of last month, but if a company wants the all of the security and tracking ability, of course, they will need to buy the enterprise version.

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