Google invests in Bloomberg rival Symphony

Symphony’s chat service allows financial firms, corporate customers and individuals to put all of their digital communications on one centralised platform

Google is in talks with messaging start-up Symphony CommunicationServices for a round of fundraising, according to reports.

Symphony’s chat service, which is seen as a rival to Bloomberg, allows financial firms, corporate customers and individuals to put all of their digital communications on one centralised platform.

The talks are ongoing and no terms are finalized yet.

The Wall Street Journal reported that Google invested in a new round of funding for Symphony that values the company at about $650m.

The service is backed by Goldman Sachs and other big Wall Street banks.

Goldman led a group of 14 banks including Bank of America, Citigroup and JP Morgan Chase in making a $66m investment in Symphony last October, when Symphony was set up. Symphony did not immediately respond to requests for comment.

Many on Wall Street think of Symphony as a rival to Bloomberg and Thomson Reuters, which provide messaging and information services for bankers, traders and investors.

Those terminals can cost tens of thousands of dollars per year for each customer.

Symphony is available to businesses with more than 50 users for $15 per user per month. Smaller businesses and individuals can use the tool for free.

Last month, Symphony said it was working with News Corp’s Dow Jones to offer news stories in its service and with McGraw Hill Financial to integrate data and analytics from its S&P Capital IQ product.

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