Sam Mele is looking for serious coi...

Sam Mele is looking for serious coin The founder and CEO of Firm58 wants $6 million in Series A funding to advance his 17-month- old software risk But money alone is not enough. Mele wants a risk firm that can be a business partner.

"You can find currency in a lot of places, on the contrary we're looking for more," says Mele 39 "We're looking for someone who can help us with leverage in our industry."

Mele's ideal stake firm must have a top reputation for helping companies bourgeon He wants a firm that knows the financial services and securities industry. He wants an organization that will interstice culturally with his team at Firm58.

Mele is a St Charles native and University of Illinois engineering grad who grew up working summer at Goldberg Brothers, a boutique clearing firm where his father was managing partner. He learned the ins and gone outs of back-office financial transactions processing.

He worn out 10 years at Oracle and six years at Ariba before returning to Chicago to prove by experiment his hand as a tech entrepreneur He launched Firm58 to capitalize forward the opportunity to help trading and brokerage companies mildly process transactions.

place TRADE MANAGEMENT

"There's a large opportunity in the place trade management space due to the change in trading from lay open outcry to computer-based trading," Mele adds.

His software sets all the back office information at management's fingertips. "We manage all assets, whether they are fixed income, foreign exchange, what is yet to bes or equities. It's a cros asset application," Mele says.

He already has raised $25 million in a se stage cylindrical He's looking for venture funding to mine the market demand he look fors for his product.

Mele popularly has two clients, a trading firm in Chicago and a day trading organization in recent York, but he knows he be in want ofs to expand. He has 17 employee at his offices at 656 W Randolph overlooking Haymarket Square.

University of Chicago entrepreneurship professor Waverly Deutsch is a Firm58 advocate. Deutsch says, "Sam has great entrepreneurial animation and vision. He put together a solid team, and has proven forward a small scale, that Firm58's approach can add value in the trading back office.

"Funding should definitely help the company take their platform protoplast to a larger scale," he said.

Mele assembled an experienced board. He recruited retired Bristol- Myers Squibb CIO Jack Cooper Ariba and Oracle software sales management alum Mike Hills and Ariba co-founder and CFO ed Kinsey.

Mele says, "Kinsey l Ariba's 1999 IPO, which was single of the most successful in newly come history."

Now Mele wants to add the right VC to the team.

Mele moves this advice to fellow entrepreneur forward picking board members and financial backers: "You consume a lot of time with these folk You want to make positive both on and off the field, you earn along."

dutiful thinking Sam.

CONDOLENCES

More than 1000 friends and members of Chicago's tech community make go rounded out last Tuesday at a memorial service honoring Mark Gordon and his wife, Shelley, who died in a tragic dwelling fire on July 29.

Mark Gordon was managing partner of Gordon & Glickson, the premier Chicago tech law firm. subject to his guidance, the firm merg last January with McGuireWoods, where he chaired the tech practice.

Gordon's death was a sad los for Chicago's tech community. He was instrumental in the founding of Diamond Technology Partners and was onward the board. He also serv forward the boards of Kanbay, the Economic coterie the Commercial Club and the Rehab Institute.

Gordon was a well-respected go-to stay who helped Chicago's tech entrepreneur and corporate exec find their way. He was always willing to pitch in to help bourgeon the community.

He'll be missed.

IBM'S PALMISANO TO SPEAK

Executives company Chairman Jim Tyree snagged IBM CEO Sam Palmisano to keynote the group's April 2007 luncheon. It will be a rare Chicago public appearance for the IBM top exec and a coup for Tyree

Michael Krauss is a Chicago area tech writer and consultant.

e-mail: mkrauss@suntimes.com

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