McKay Sells Minority Stake to HFT Firm Tower Cap
The microwave network provider has sold 25 percent of its business to raise funding over the past six months to continue reducing network latency.
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
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