Insight and Eight Roads in $28m round for Duco

Former SunGard CEO Cristóbal Conde also took part in the round, which will finance Duco's international expansion strategy. The business will look to undertake a recruitment drive in its European and US offices, and launch an Asian office, as well as investing in product development.

The transaction comes seven months after NEX's regulatory reporting division agreed a deal to use Duco for MIFID II reconciliation for its clients, and three months after Conde joined Duco as an adviser.

According to a statement, Duco more than doubled its annually recurring revenue and achieved a 50% increase in new clients during the 2016/17 financial year.

Company
Founded in 2010, London-headquartered Duco is a cloud-based platform that enables users to normalise, validate and analyse data. The business currently has additional offices in Luxembourg and New York and its clients include banks, brokers, asset managers and exchanges.

People
Insight Venture Partners – Peter Sobiloff (managing director).
NEX Group – Michael Spencer (CEO).
Duco – Christian Nentwich (CEO).

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