LightPoint Completes Series A Financing Round
Summary
TAP Advisors, LLC advised LightPoint on the transaction and will take a Board Observer seat.Michael Arougheti, Chief Executive Officer and President of Ares Management, has been appointed as a board member and will be joined by Citco’s Head of Fund Services Jay Peller, who will provide strategic consult and insight into future product development.Led by Patrick Hughes, CEO, and Brant Arseneau, President, LightPoint provides an integrated, cloud-based Software-as-a-Service (SaaS) solution which supports entire workflows, including portfolio management, trade execution, settlement, compliance, reconciliation, finance, risk, administration and client reporting.The company will use the funds to continue to innovate its platform’s capabilities, improving its modules and expanding into new offerings while applying new proven technologies.Currently, LightPoint aims to leverage its distributed-ledger-technology (DLT) capabilities and transform the core book-of-records into a shared ledger which would be distributed to a trading community.