Messenger Startup Perzo Could Disrupt Bloomberg's Business

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Messenger Startup Perzo Could Disrupt Bloomberg's Business

by TheStreet 1:07 mins

Messenger Startup Perzo Could Disrupt Bloomberg's Business

by TheStreet 1:07 mins

Instant messaging service Perzo is reportedly negotiating a deal with a group of investment banks led by Goldman Sachs. The Wall Street firms want a stake in the Palo Alto based tech startup and hope to build their own in-house messaging platform similar to the messaging system the Bloomberg terminal offers. Other than Goldman, the group includes JP Morgan, Morgan Stanley, Deutsche Bank, HSBC, Bank of America, BlackRock and Maverick Capital. They plan to collectively invest between $40 and $50 million in Perzo. Bloomberg came under pressure after the staff of Bloomberg News was accused of checking the online activities of unsuspecting terminal subscribers. The banks want their privacy and have been looking for alternatives. Perzo's application is open source, a user can simply plug it into their system and make changes. It's very different from Bloomberg, where a user has to commit to using the terminal and pay the hefty monthly fees it comes with.

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