Symphony Communications is trying to replace Bloomberg's messaging system. The startup's last round of financing of $66m was a consortium deal of 14 firms led by Goldman. Symphony is now seeking another investment round that may value the company at $1 billion.
Wall Street has rallied around Symphony because of its offering’s potential as an alternative to Bloomberg LP’s terminals, a ubiquitous—and expensive—presence on most big banks’ and money managers’ trading floors. Among the Bloomberg terminal’s numerous functions, its instant-messaging platform has proved to be one of the most popular for many traders and salespeople. Dow Jones & Co., the publisher of The Wall Street Journal, is a member of the Symphony Foundation, a group of companies that are using the startup’s open-source software to develop applications that can be used on the messaging system. Symphony has made its encryption technology a key selling point for financial firms wary of their sensitive data falling into the wrong hands.