Electra was founded in 1998 by current CEO John Landry as a provider of consulting services to the investment management industry. Through this consulting work, John identified a market need for a post-trade automation solution for custodian trade and client notifications, confirms/affirms and settlement instructions.
Electra Settlements became the first of several products the company developed and sold to other investment managers for post-trade processing. With the subsequent creation of solutions for Reconciliation, Data Aggregation, Trade and Settlement Notification, Trade Fail Management, and Client Fee Billing, the company’s solutions are now used by hundreds of asset managers, hedge funds, fund administrators and outsourced service providers across the globe.
Soon after the initial launch of Electra Reconciliation, the company introduced Electra Data to automate the aggregation of securities and cash position and transaction data, and further automate the Electra Reconciliation workflow tool. Today, Electra collects more than 3,300 unique, direct data feeds from over 1,300 global custodians, prime brokers, broker/dealers, subadvisors, fund administrators, counterparties and other financial institutions for asset managers to use in their reconciliation, settlement and other post-trade processes.
Electra FailSafe was developed in 2011 as a web-based system that simplifies failed trade management by uniquely identifying pending-unmatched trades and highlighting trades at risk of failing and exposing fail trades. FailSafe later became part of Electra Reconciliations in order to more tightly integrate exception management and fails trade management processes. In 2012, Electra acquired a client fee billing application from Legg Mason. Renamed Electra Billing, the system is an integrated workflow-based client fee billing and revenue management solution that improves the speed and accuracy of invoices, cash flow and client service while reducing risk.