Pivot Pursues Electronic Trading Business

A firm called IMTRADER, Boston, has begun operations, spinning out from the Eze Castle Integration, which is a provider of information technology services to the hedge fund industry.

Pivot is selling a software suite that includes IMTRADER, a securities trading platform that combines electronic trading and multi-network instant messaging. The software was launched in early 2002 and is sold to buy-side and sell-side firms as an electronic trading and IM platform.

At sell-side firms the software is used to trade in real-time with hedge fund customers. On the buy-side, more than 300 firms have transacted over 1 billion shares for the brokers in the early adopter program, according to a news release.

The new company will have offices in Boston, New York and San Francisco.

"We felt that now was the right time to spin out IMTRADER because we have a proven product, satisfied customers and we are experiencing significant growth," said John Cahaly, founder and CEO of Eze Castle Integration, in a statement. "As an independent company, IMTRADER will have an opportunity to strategically partner and to raise outside funding further accelerating their growth."

Eze Castle Integration is a separate company from Eze Castle Software and provides startup and relocation services in addition to outsourced technical support, business continuity planning and Internet service.