CMG was founded to address the inefficiencies we experienced firsthand in equity capital markets (ECM). Having spent years in the industry and most recently on Baird’s ECM desk, we saw firsthand how outdated tools, manual processes and spreadsheet-based workflows were limiting the potential of businesses like ours. These challenges were common across the industry, where there seemed to be a prevailing attitude of “it is what it is.”

These pain points came to a head as the U.S. economy emerged from the global financial crisis, marked by a surge in capital markets activity. Too much of our time was spent reconciling fragmented data across disparate sources, leaving less bandwidth for the value-driven work of advising issuers, originating deals and engaging with investors

We began asking ourselves: is there a better way? What if these interactions were digitized, producing real-time data intelligence that could be leveraged to make faster, more informed decisions? Could the entire ECM offering process be enhanced through end-to-end integrated workflows? These questions became our mission, leading us to found CMG in 2015.

Initially, our sell-side background led us to approach the problem from that perspective. However, discussions with buy-side firms revealed shared frustrations. Managing unstructured deal announcements and coordinating across multiple managers was overwhelming. The feedback was positive, with the most common response essentially boiling down to: “Why hasn’t anyone done this before?” This validation reinforced our belief that we were working to address a critical gap in the market. Taking on these problems wouldn’t have been possible without the early financial backing from friends, family and former colleagues led by StageDotO.

Redefining ECM Data

Building a solution wasn’t simple. To gain traction, we knew we had to create a platform compelling enough to attract both sell-side and buy-side participation. Our starting point was CMG DataLab™, our data intelligence solution offering analytics, visualization tools and real-time deal information to both sides of the Street. DataLab offers intuitive dashboards and structured data providing unique, actionable market insights. Early adopters like T. Rowe Price, Fidelity and Franklin Templeton gave us invaluable feedback, helping us refine the platform and prove its value. In early 2019, we completed our Series A funding round (including participation from key ECM participants like Franklin Templeton), giving us the resources to scale DataLab and expand our client base.

DataLab provides a centralized calendar of deal activity, enabling buy-side firms to organize their workflows more effectively. The platform features clear and visually appealing dashboards that provide real-time data, enabling reporting and analysis without the need for manually intensive processes. For sell-side participants, our solutions offer data capabilities streamlining analytics around issuer structure and pricing considerations, aiding both origination and execution efforts. By addressing these pain points, DataLab represented the groundwork for solving larger challenges within ECM.

But just as we were cementing this foundation, our team and the ECM landscape as a whole faced a significant test: the COVID-19 pandemic.

Navigating Uncertainty and Accelerating Workflows

The pandemic brought a surge in ECM activity, with 2020 and 2021 setting record-breaking deal volumes. Many firms struggled to keep up, resorting to longer hours and increased hiring to manage the workload. Just prior, we were fortunate to close a strategic funding round with industry-leading institutions, providing us with critical resources at precisely the right time. This pivotal funding enabled us to scale our capabilities and ensure we could deliver solutions that met the extraordinary demands experienced by the industry, helping them handle spikes in activity more effectively.

It was in this context that we launched CMG XC™, our fully integrated workflow platform. Building on the success of DataLab, CMG XC bridges the gap between data aggregation and execution for practitioners, providing an end-to-end solution for managing the entire ECM lifecycle. By capturing deal coordination, investor interactions and reporting in one platform, we streamlines workflows for buy-side and sell-side stakeholders alike — reaffirming our mission to transform the equity capital markets.

Today, our platform serves underwriters that collectively represent 70% of the U.S. ECM market and investors with over $40T in AUM, including nine of the world’s top ten asset managers. This critical mass reflects the collaborative approach we’ve taken with clients to deliver extraordinary value.

People and Principles

What makes CMG special isn’t just the technology we’ve built — it’s the people behind it. From the start, we’ve been fortunate to assemble a team of technologists and industry experts who share our vision. Many of our founding team members are still with us today. Their dedication and expertise have been instrumental in bridging the gap between finance and technology.

As founders, we’re not technologists by training. But we immersed ourselves in the process, working closely with our team and engaging deeply with the market to identify the best solutions. That collaborative approach remains a cornerstone of our company culture. It’s one of the reasons we’ve been able to continuously innovate and adapt to the evolving needs of the ECM space.

Equally important is our belief in the critical role of capital markets in the broader economy. During times of distress like the financial crisis, the start of the pandemic or during periods of robust recovery, the capital markets play a vital role in providing businesses with a lifeline, driving innovation and creating jobs. At CMG, we believe our efforts to streamline workflows, improve data access, and enhance connectivity significantly benefit this essential ecosystem.

Building for the Future

Our journey is far from over. As we look to the future, we remain focused on tackling the most pressing challenges in ECM. Our innovation efforts are focused on expanding data coverage, advancing straight-through processing and enhancing workflow efficiency. Our client advisory board plays an integral role in shaping these efforts, ensuring that our approach remains aligned with the evolving needs of the market.

Reflecting on where we started, it’s gratifying to see how far we’ve come. What began as a simple idea — sparked by firsthand experience with workflow friction and a drive to make things better — has grown into a platform that serves some of the most influential players in the financial world. At its core, CMG is still driven by the same principles that guided us on day one: a commitment to excellence, a passion for capital markets and a belief in the power of collaboration to drive meaningful change.

We’re excited about what’s next. With the support of our clients, team and partners, we’re confident that CMG will continue to make a lasting impact on the ECM space for years to come.