TruMarx Data Partners has closed a round of funding led by board members Jerry Putnam, the ex-CEO Archipelago Holding, and Kevin J.P.O’Hara, who is the former chief administrative officer of CBOT Holdings. Other investors in the round include Vernon & Park Capital and Walter G. Kortschak, the ex-managing partner of Summit Partners. Vernon & Park is a PE firm. TruMarx, of Chicago, is developing COMET, a web-based execution platform that allows power and natural gas market participants to create an individual private market.
TruMarx Data Partners, Inc. today announced it has closed its latest round of funding led by newly appointed Board members Jerry Putnam and Kevin J.P. O’Hara. Other investors in the financing round include Vernon & Park Capital and Walter G. Kortschak; Mr. Kortschak was also named to the Board of Directors. TruMarx is the developer and marketer of COMET™, the energy industry’s first web-based execution platform that allows power and natural gas market participants to create an individual private market for each of their bilateral OTC transactions.
“The financial support we received from both existing and new investors, combined with the addition to our Board of a number of senior level executives from the financial industry, provide additional validation of our business strategy and prospects for growth,” said Jon Olson, Founder, President and CEO of TruMarx. “Both Jerry and Kevin bring our team invaluable experience building, designing and scaling transformational electronic marketplaces. They also bring a wealth of additional intellectual capital we can use to the benefit of our user community.”
“The focus of my career has been on developing cutting-edge technology and marrying it with business models that deliver a wide-range of transaction efficiencies and solutions to market buyers and sellers,” said Jerry Putnam. “TruMarx is a company that is modernizing the OTC energy markets and offering great efficiencies to its customers. I anticipate the company will capitalize on new opportunities by bringing its technology platform to other markets that can benefit from the TruMarx business model.”
”In its brief history, TruMarx has made a quantifiable impact in providing its clients with valuable tools that address compliance and regulatory needs and obligations, in addition to improving execution quality and counter-party risk management. TruMarx’s business model has anticipated the regulatory framework established by the Dodd-Frank legislation, and the company will benefit from that vision,” said Kevin O’Hara. “I look forward to working with TruMarx’s Board and experienced management team to help leverage the company’s several business opportunities.”
Walter G. Kortschak is a Silicon Valley venture capitalist and senior advisor and former Managing Partner of Summit Partners, a private equity and venture capital firm that invests in profitable, growth companies. Prior to Summit, Walter was a Vice President at Crosspoint Venture Partners. Over a venture capital career spanning 25 years, he has served as a director of 40 companies, including 20 public companies. He is also a past director of the National Venture Capital Association. He has been voted one of the country’s best VCs in the Forbes Midas List, an annual ranking of top technology investors.
Kevin J. P. O’Hara formerly served as the Chief Administrative Officer and Chief Strategy Officer of CBOT Holdings, Inc. (Chicago Board of Trade). Previously, Mr. O’Hara served as Chief Administrative Officer, General Counsel and Corporate Secretary of Archipelago Holdings, Inc. until its acquisition in 2006 by the New York Stock Exchange. He also worked at the Securities and Exchange Commission and U.S. Department of Justice in Washington, D.C., and worked on capital market and exchange development in Eastern Europe countries.
Jerry Putnam is the former President and Vice Chairman of NYSE Euronext. Prior to that, Mr. Putnam was the co-founder, Chairman and Chief Executive Officer of Archipelago Holdings an electronic stock and options exchange operator that was acquired by the New York Stock Exchange (NYSE) in 2006. A serial entrepreneur, Mr. Putnam was selected as one of the Time Magazine’s innovators of the 21st century and was a recipient of the Chicago Innovation Visionary Award.
Vernon & Park Capital, L.P. is a private equity firm that focuses on investments in the Exchanges and Financial Markets Sector. Since 2001, Vernon & Park and affiliated parties have combined industry expertise and experience with rigorous financial analysis to successfully deploy investment capital in the Sector. Through its investment activities, Vernon & Park provides capital to its portfolio companies and utilizes its extensive network of industry contacts as a strategic resource to help those companies realize their full economic potential. Vernon & Park will consider investments in companies at any stage of development ranging from earlier-stage emerging growth companies to more mature businesses in the Financial Markets Sector. For more information, visit the website www.vernonpark.com.
About TruMarx Data Partners
Headquartered in Chicago, TruMarx Data Partners, Inc., is an experienced team of energy professionals with an established track record in delivering powerful technology solutions for today’s energy market challenges. Led by Jon B. Olson, a twenty-year veteran CEO in the energy markets, the core team has been together for more than 15 years, developing successful software products, data solutions, and custom projects for customers around the globe. Using the internet as a delivery system and employing an open architecture, the team specializes in the connection of large communities of transactors via web-enabled software tools and the normalization of complex proprietary transactional data, so that disparate counterparties all speak the same “language”. In addition to winning multiple awards for software innovation and data management, the TruMarx team has helped hundreds of energy market participants, such as exchanges, brokers, producers, consumers, and industry associations, achieve operational efficiency and market leadership. For more information on TruMarx or COMET visit www.trumarx.com