Goldman Sachs Group Inc (GS) Along With Top Investment Banks Invest $66 Million in New Digital Communication Platform

Goldman Sachs Group Inc (GS)

According to the latest announcement from Goldman Sachs Group Inc (NYSE:GS), the company has finally devised a perfect centralized digital communication platform for financial firms and corporate customers. Goldman along with 13 investment partners is ready to invest $66 million in Symphony Communications Services Holding LLC.

David Gurle will head the company to prepare a digital communication platform that will offer a centralized space for investors and financial firms to put together their entire communication data. It will eradicate the need of separate mediums for emails, chat messages, tweets, and texts. The software package comes under the “open source” license, which means that the individuals would be able to customize the solution to suit their communication requirements.

Goldman Sachs Group Inc (GS)

Darren Cohen, Goldman Sachs’s global co-head of principal strategic investments, said,

“We recognized that messaging was a complex problem to solve in our industry. It’s the core nervous system of the financial markets, but there are information silos that don’t speak to each other. So, we started to think strategically about creating one platform that allowed the silos to communicate effectively, and then taking that platform to clients and external users.”

Goldman Sachs Group Inc (NYSE:GS) is already using the system internally with its 23,000 employees sharing millions of messages every week. Experts are speculating that the new digital platform would pose a danger to the existing communication platforms including Thompson Reuters Corp, Bloomberg LP, and Markit Ltd.

Symphony is likely to devise a monthly fee structure depending upon the storage and digital infrastructure requirements of the company. Individual finance customers are not likely to pay any fee for these services and are to enjoy similar security features.

This article has been written by Prakash Pandey and edited by Serkan Unal.

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