NEW YORK - Wednesday, September 3rd 2014 [ME NewsWire]
(BUSINESS WIRE)-- SR Labs, a leading provider of low latency enterprise market data and market access solutions for the financial industry, today announced that Richard Korhammer, co-founder and former Chairman and CEO of Lava Trading Inc., has joined as CEO and member of the Board of Directors. Mr. Korhammer will draw upon his extensive background in financial technology and capital markets to help lead SR Labs following the company’s growth and recent acquisition of Wombat.
“Richard will enhance our strategic direction and ongoing development of world class product offerings through his invaluable entrepreneurial experience and extensive knowledge of capital markets data and order routing across asset classes,” said Srinivasan Ramiah, founder of SR Labs, who becomes Chairman of the Board of SR Labs as Korhammer assumes the CEO role. “The timing could not be more perfect - the combination of Richard’s vision and the powerful synergy between SR Labs and Wombat creates almost limitless potential.”
In 1999, Mr. Korhammer co-founded Lava Trading, an innovative equities and foreign exchange direct market access and order management system provider. Mr. Korhammer successfully guided Lava from its inception through the company's acquisition by Citigroup in 2004. After the purchase, he remained at Citigroup as a Managing Director and the Head of Global Equities Electronic Execution. Mr. Korhammer also serves as Chairman of Yieldbroker, an Australian based marketplace that operates established electronic markets for Australian interest rate securities and derivatives, which is owned by a consortium of global banks. He graduated from Princeton University with a dual BSE degree in Electrical Engineering and Computer Science and earned a Certificate in Operations Research from the Civil Engineering Department.
"I couldn't be more excited to have an executive of Richard's caliber lead SR Labs going forward,” said Deven Parekh, Managing Director of Insight Venture Partners, which invested in SR Labs in 2013 and supported the company’s recent acquisition of Wombat from ICE/NYSE. “Arriving on the heels of the Wombat acquisition, I believe he has the potential to build the company into one of the industry leaders in the financial technology space. It has been a privilege to work with Srini Ramiah who is a dynamic, driven and visionary founder. I'm excited that he will remain engaged as Chairman of SR Labs."
Mr. Korhammer added, “Market Data and exchange access is the life-blood of trading infrastructure. It is the foundation upon which trading decisions, risk management and compliance stand. Real time, delay-minimized, and resilient global reach is a requirement for today’s trading applications. The synergy between SR Labs and Wombat furnishes clients with an unparalleled scale and breadth of solutions. The addition of Wombat’s tremendously talented and innovative professional staff greatly enhances our ability to provide the very best market data and exchange services in an ever-changing trading environment. I look forward to working closely with Srini during this pivotal time in SR Labs history.”
About SR Labs:
Street Response Laboratories (SR Labs) provides low latency market data and exchange connectivity solutions for the financial industry. SR Labs market data solution provides extensive feed coverage including all major North American, European and Asian Exchanges. Our flagship products, SMDS and SREX are currently used by top-tier investment banks and hedge funds.
Wombat is a global leader in high performance financial market data management solutions offering customers comprehensive, end-to-end solutions for electronic trading and connectivity management. As part of the Wombat product suite, SR Labs is also acquiring SuperFeed™, which offers direct connectivity to a range of key global trading venues, reducing complexity and client overhead by allowing customers to consolidate fragmented technologies and complicated connectivity options. The Wombat platform also includes Wombat Direct Market Data Feed Handlers, providing normalization for more than 200 direct exchange and aggregated vendor feeds; DART Entitlements, providing market data usage and compliance analysis, and reporting services; and Wombat Middleware, enabling high-speed, multi-protocol messaging throughout the enterprise.
About Insight Venture Partners:
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $8 billion and invested in more than 200 companies worldwide. Our mission is to find, fund and work successfully with visionary executives providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit www.insightpartners.com or follow us on twitter: @insightpartners.com.
Chrissie Marra, 646-215-6888