Beginnings and Teknekron
In 1985, Teknekron Corp., a technology incubator, provided $250,000 in seed capital to Vivek Ranadivé. In 1986 Teknekron Software Systems was born, and in 1987, it was spun off into an independent company. The company’s principal innovation was a software product known as The Information Bus (abbreviated as TIB), which transfers vital data between software programs.
In 1986, Teknekron embarked on a consulting project with Goldman Sachs to redefine the "trading floor of the future.” In 1987, the first TIB — for the integration and delivery of market data such as stock quotes, news and other financial information — went live at Fidelity, followed by First Interstate Bank and Salomon, eventually digitizing all of Wall Street. Teknekron’s software bus programming allowed data to be shared between computers using different languages and different applications. Wall Street trading firms used the software for trading systems, and eventually, large-scale manufacturers employed the technology as well. Ranadivé said, ‘’We digitized Wall Street. You had 20 television monitors that you had to look at. What we did was get rid of all that and replaced it with a Sun workstation. All of that information could now be treated as digitized information.’’
In December 1993, Reuters Holdings PLC bought Tenekron for $125.1 million in cash.
Read more about this topic: Tibco Software, History
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