McKay Sells Minority Stake to HFT Firm Tower Cap

This deal follows the sale of a 20 percent stake to Netherlands-based market maker IMC Financial Markets last year (IMD, Sept. 1), and concludes McKay's initial round of outside equity funding, officials say. The investments will allow McKay to accelerate its ongoing effort to reduce network latency on the vendor's long-haul microwave routes. In both instances, McKay did not disclose financial details.

In a statement, McKay co-founder Stéphane Tyč says the funding will enable McKay to invest "more capital to reduce latency to the physical limit," and maintain its independence, which "secures McKay's core business principle of offering to all subscribers equal access to lowest latency services."

"We are pleased that several industry leaders have demonstrated their interest in both preserving McKay's autonomy and promoting our mission to provide subscribers with equal access to lowest latency services. We focus on delivering the best possible infrastructure to the industry and will continue to work hard to improve it," adds McKay co-founder Bob Meade.