CURRENEX APPOINTS FINANCIAL MARKETS VETERAN - 01/20/03
CURRENEX APPOINTS FINANCIAL MARKETS VETERAN CLIFFORD LEWIS CHAIRMAN AND CEO AND SECURES FINAL ROUND OF FINANCING
TH Lee Putnam Ventures and Royal Dutch Shell Increase Investment in Leading Global Currency Trading Platform
LONDON, 20 January 2003 ? CurrenexÂ®, Inc., the leading online global currency trading platform, announced today that it has named Clifford Lewis Chairman and CEO. The company also announced that it has received a final round of financing from TH Lee Putnam Ventures and the Royal Dutch/Shell Group of Companies (Shell) and has moved its headquarters to New York City. Lori Mirek, formerly CEO, left the company at the end of last year.
Mr. Lewis brings Currenex more than 25 years of experience in the international financial markets as well as a unique network of long-standing business relationships in over 30 countries. Mr. Lewis has been a senior executive at both the CBOT, one of the world?s largest exchanges, and at the World Bank. His expertise and contacts will be a significant asset for Currenex as it embarks on its next phase of growth and market development.
?We are delighted to have someone of Cliff?s caliber join the Currenex team. Given its rapid growth through the end of 2002 and its position as the most economical of all multi-bank FX trading platforms, we are confident that Currenex will be a long-term winner in an attractive market,? commented Jim Brown, Managing Director, TH Lee Global Internet Managers LP. ?TH Lee Putnam Ventures is pleased to increase our ownership in Currenex and is committed to further enhance the Currenex offering by funding strategic acquisitions in the future that will complement the platform.?
?We are pleased to have the continued support and additional financing from TH Lee Putnam Ventures and Shell. This investment provides the financing that will enable Currenex to reach profitability,? stated Mr. Lewis. ?Currenex has proven to be an outstanding service provider for both sides of the market. We look forward to delivering further innovation with executable streaming prices combined with our prime brokerage service model due in the next service release.?
Currenex will use the additional funds to enhance and extend its trading services to continue to meet the needs of its members globally. Many of Currenex?s customers now trade close to 100% of their FX and loan and deposit trades through the FXtrades service. As a result, Currenex trading volumes continue to increase quarter-to-quarter and its actively trading member base boasts many of the largest participants in the FX market.
"Shell has actively supported Currenex in its development of functionality and build up of liquidity," added Michiel Moolenaar, Shell?s Group Central Treasury Manager. "Shell is participating in this final round of funding, allowing Currenex to grow its service offerings as an independent electronic market platform, providing to all market participants the benefits of improved market access and of straight through processing."
Currenex has relocated corporate headquarters to New York City while maintaining office locations in London, Singapore, Geneva, Amsterdam, and Chicago, with development staff in California.
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Rochel Velasco b Ian Pope
Currenex Investor Relations:
Shell Group Media Contact Kate Hill 020 7934 2914
Notes to Editors
CurrenexÂ®, Inc. (www.currenex.com) is the market and technology leading online global currency trading platform that links buyers and sellers worldwide and is open to all money market and FX market participants. Currenex provides instant access to the global foreign exchange and money market asset classes via five price discovery mechanisms across all currencies. Currenex delivers secure, reliable and comprehensive FX and loans and deposits trading from trade initiation, pricing and execution to confirmation, settlement and reporting.
Currenex develops and implements all of its technology in-house, enabling it to lead the market in providing the most comprehensive platform with flexible and reliable trading innovations, straight-through processing and auditability that significantly increase access to liquidity in the FX and money markets, accountability and dealing and settlement efficiencies. With headquarters in New York and offices in London, Singapore and California, Currenex supports trading activity 24 hrs a day.
TH Lee Putnam Ventures is a technology-focused private equity firm affiliated with Thomas H. Lee Partners, a leading buyout firm, and Putnam Investments, a leading global money management firm. TH Lee Putnam Ventures manages $1.1 billion in capital commitments and has invested approximately $600 million in more than 35 companies since the firm's formation in 1999. The firm's primary focus is private transactions in later- stage venture companies whose success depends on the deployment and use of information technologies.
The Royal Dutch/Shell Group of Companies, "the Group", is a diverse group of energy companies with operations in more than 130 countries. The Group?s businesses include oil and gas exploration and production; power generation; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects including wind and solar power. The Group?s parent companies are Royal Dutch Petroleum Company which has a 60% interest in the Group and The ?Shell? Transport and Trading Company plc which has a 40% interest in the Group. Shares in the parent companies are traded on stock exchanges in Europe and the USA. For further information, visit http://www.shell.com.