Various Wall Street firms led by Goldman Sachs are close to buying a stake in chat and instant messaging startup Perzo Inc in pursuit of an alternative to a similar application from Bloomberg , sources close to Goldman’s plans have revealed to Reuters.
Banks are trying to cut costs as sluggish trading volumes and higher regulation weigh on revenues. Bloomberg has dominated messaging on Wall Street for years, but its application is part of a data, trading and news terminal that costs about $20,000 a year. The Perzo applications are free.
Goldman Sachs has been looking at alternatives to Bloomberg’s messaging program for years, and launched a project internally called “Babel” in early 2013 to develop a competitor, according to sources.
Goldmans, and others rumoured to be involved, have declined to comment on its Perzo investment, its plans to develop a chat program or its use of Bloomberg terminals, or indeed the story which Reuters runs as an exclusive here
