Overbond’s demise hints at cloud-cost complexities
The fixed-income analytics platform provider shuttered after failing to find new funding or a merger partner as costs for its serverless cloud infrastructure “ballooned.”
The premise behind the creation of Overbond was a good one.
The Toronto-based vendor was founded in 2015 by Vuk Magdelinic and Han Ryoo. The concept was to create a digital platform that would connect issuers, dealers, and institutional and corporate bond market investors. By automating workflows that were tied to PDFs and emails, the aim was to bring transparency and efficiency to a largely opaque and manual fixed-income market. In the summer of 2016, the startup closed a $7.5 million seed
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