Rising home prices and conservative borrowing have today's homeowners sitting on a record amount of potential cash. Today's mortgage holders saw their home equity increase by...Real Estateread more
SoftBank wants to push Neumann out of the CEO role ahead of the IPO.Technologyread more
The Mac Pro is the only major Apple computer to be assembled in the United States. Most of Apple's products, including the iPhone, are assembled in China and are facing tariff...Technologyread more
CNBC's Jim Cramer calls on investors to be wary of the slew of hyped-up unicorn companies going public this year and encourages the focus to be on deliverable earnings.Investingread more
Toys R Us' bankruptcy caused a 7% surge in sales for the toy industry during the first half of 2018 as parents stocked up, then sales fell 2% as manufacturers experienced...Retailread more
The UK's Civil Aviation Authority said Thomas Cook had now ceased trading and the regulator would work with the government to bring the more than 150,000 British customers...Europe Marketsread more
The RNC paid $166,390 in August to the office of Mintz Levin for "legal and compliance services," according to a disclosure filing.Politicsread more
Trump has called Chairman Jerome Powell "clueless" and Fed officials "boneheads."The Fedread more
Trump's call with the foreign leader is reportedly the subject of a whistleblower's complaint that has spurred new accusations of wrongdoing from Democrats.Politicsread more
The solider, Jarrett William Smith, 24, of Fort Riley, Kansas, was charged with one count of distributing information related to explosives and weapons of mass destruction,...Politicsread more
Harvard economist N. Gregory Mankiw says ultra-wealthy couples could split their fortunes in half through divorce and avoid paying a wealth tax proposed by presidential...Wealthread more
SINGAPORE, June 12 (Reuters) - Symphony Communication Services, a chat and collaboration platform, said on Wednesday it has raised $165 million in fresh funds and added Mitsubishi UFJ Financial's venture fund and Standard Chartered as investors.
U.S.-based Symphony plans to use the funds to grow its workflow automation business, increase its sales presence in Asia and make acquisitions, David Gurle, its founder and CEO, told Reuters over the phone in Singapore.
Symphony was created in 2014 when a group of financial institutions led by Goldman Sachs came together in a joint effort to reduce the cost of market data and communications between staff and with customers.
Gurle said Symphony will consider acquisitions in areas that include artificial intelligence or which could enable users to share content such as market commentary and trade ideas.
The company, headquartered in Palo Alto, California, is valued at $1.4 billion after the latest funding round, according to a person with knowledge of the matter.
In a statement, loss-making Symphony said it has raised more than $460 million in capital so far from financial services firms, global venture capital funds, and technology companies, including Google parent Alphabet Inc. It has more than 430,000 licensed users, growing from the 200,000 users that company said it had in 2017.
Gurle said that the pace of the growth was accelerating 5-10 percentage points each year.
Its competitor, San Francisco-based Slack Technologies, is planning to go public via a direct listing on June 20.
When asked about Symphony's listing plans, Gurle said considering going public was too premature. He said the company was "reasonably targeting profitability" around 2021 or 2022. (Reporting by Aradhana Aravindan; Editing by Muralikumar Anantharaman)