ICAP corrects figure raised by OpenGamma to $13.3 million

LeapRate readers may have noticed that we reported yesterday on a $16 million fundraising by derivatives risk analytics startup OpenGamma, led by venture capital firm Accel Ventures and by ICAP plc (LON:IAP). Our article was based on a press release put out by ICAP.

Well that press release has disappeared from the ICAP website, replaced instead by a new one which corrected the money-raised figure down to $13.3 million.

Curiously, ICAP decided not to announce the mistake, but just to remove the URL of the original press release from its website, and issue a new press release. Other than the $16M – $13.3M figure swap, the press releases seemed to be identical, including an error near the bottom of the release(s) where one paragraph was accidentally cut into two parts mid-sentence.

So what happened?

Well it appears as if there was some internal miscommunication at ICAP, both in terms of the investment amount, and the timing of the press release. It also appears as if the investment was indeed going to be larger (i.e. $16 million), but was cut back to $13.3 million late in the negotiations.

The updated press release can be seen here from ICAP’s website. The original headline screenshot follows:


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