Bloomberg Messaging Could Be Replaced By A Startup

Wall Street banks are close to buying messaging startup Perzo, according to Reuters.

The deal is rumored to reduce the need for Bloomberg terminals as trading divisions struggle to remain profitable.

Reuters reported that Goldman Sachs is leading the way on the deal, followed by Morgan Stanley, JPMorgan, Bank of America, Deutsche Bank, HSBC and BlackRock.

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Perzo prides itself on security. The front page of the website reads, “At Perzo security is our number one priority. Every message you send is encrypted end to end with a different key.”

The application allows for file sharing, group messaging and private messages.

These are all important characteristics for a Wall Street messaging tool. Information ranging from trading ideas to rumored deals could be shared through the messenger.

Perzo could be built into each of the respective banks’ platforms, meaning users would not have to leave the platform to communicate. This is the case with Bloomberg messenger, but the system costs approximately $2,000 per month as it is bundled with news and data.