Algomi, the hotly tipped startup behind a bond trading platform, is cutting around 10% of its global workforce.
Financial News reports that the company, which is headquartered in London but has offices in New York, Hong Kong, San Francisco and Chicago, is reducing headcount from 150 to “around 140”. Algomi confirmed the cuts to Business Insider over email.
News of the cuts comes after Business Insider revealed earlier this month that the head of Algomi’s US business, Stephen Gallagher, recently left the company after nearly 2 years.
Algomi runs the Honeycomb Network, a platform that lets investors see which dealer is best placed to make corporate bond trades happen. Bank dealers enter potential trades into a secure network, which then matches those trades and suggests similar bond trades if the ones desired are unavailable.
The startup was set up by former UBS bankers in 2012.
Responding to the job cuts, Algomi CEO Stu Taylor sent BI this statement:
Algomi has reached the next level of maturity and will be EBITDA profitable mid 2016 based on recent revenue growth and the huge numbers of client sign up we achieved in 2015 — over 140 buy side and 14 banks plus 2 exchanges are confirmed Algomi clients.
The recent headcount adjustment merely accelerates our move to the next level of financial strength. Our investment in a new NY head office which formally opened this month underlines our long commitment to the US.
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