We recently updated on a few changes at Baymarkets, and having received a few questions about what this means for the business we wanted to share some further information about points that we should have been clearer on.
In June 2015, Baymarkets AB sold the intellectual property rights in the EDGE software to a third party software partner enabling our venture capital shareholders, Flamingo Partners LLC and KTH Chalmers Capital (KCC) to profitably exit their investments in Baymarkets AB, which will soon be dissolved. All the former Baymarkets AB staff, assets, and liabilities have been transferred to Baymarkets Technology AB, a new company that is fully owned by the former Baymarkets AB team, and has the rights to develop and sell EDGE Software. We look forward to building on existing client relationships and further developing the software.
Commenting on the changes, Mike Hudson, principal at Flamingo Partners said Flamingo is pleased to have been the majority shareholder in Baymarkets AB since its formation and that he wishes the team well in the future. He added that Baymarkets has been a successful investment for Flamingo and that he is proud to have contributed to the evolution of the EDGE product. Jakob Svärdström, Managing Director of KCC and ex-Chairman of Baymarkets AB said that he has enjoyed supporting the international expansion of the company and expressed his confidence in the team’s ability to continue the successful development of EDGE’s functionality together with Baymarkets Technology’s new software partner. Peter Fredriksson, co-founder of Baymarkets AB , and now CEO of Baymarkets Technology AB, expressed the joy and pride of the Baymarkets team in having built a company from the ground up, with great help from Flamingo and KCC, to become a significant player in the financial technology space, and that he is now looking forward to a bright future for Baymarkets Technology AB. The Baymarkets team also wanted to take this opportunity to thank Flamingo and KCC. We have greatly enjoyed working with our VCs over the past seven years and they have been instrumental in orchestrating the recent changes. We are excited about the next stage of growth for the company as we work with our new EDGE software partner to further build on EDGE’s capabilities.
Regards, The Baymarkets Team