Enfusion, backed by Zell and Zuckerberg, has $1.5 billion valuation

The deal also demonstrates the important but often overlooked role that Chicago’s financial markets play in the city’s technology sector. Enfusion is the latest in a line of successful companies stretching back to digital-trading pioneer Archipelago Holdings, founded here in the mid-1990s. On Jan. 21, Chicago-based online options-trading company Tastytrade said it would be acquired for $1 billion in cash and stock.

Founded by Citadel alums, Enfusion quietly became a top provider of hedge fund software over the past 15 years. About 500 customers use the company’s “hedge fund in a box” software package, which includes all the applications needed to run a hedge fund.

Revenue is estimated to have grown at an annual pace of about 40 percent during the past several years to $100 million. Headcount nearly doubled last year to 500, including 150 in Chicago.

“They fly under the radar,” says Jeremie Bacon, who led a Chicago-based tech company that sold software to hedge funds. “They’re in part of a market that no one knows about unless you’re in the industry. They’re the leader in their space.”

Enfusion was founded in 2006 by two Citadel veterans, Tarek Hammoud and Stephen Malherbe, and Scott Werner, who worked at

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