An all-cash deal to buy an OMS nobody’s even heard of. Most of their marquee clients have already walked. The president of LB was quietly shown the door, and there’s still no real leadership in place. How on earth did none of these red flags come up during what was supposed to be “extensive” due diligence before the acquisition? At what point do RR, SK, and FF get held accountable for these missteps? How is this not shaping up to be Cymba 2.0? And when does Sanoke finally break up the boy band and bring in leaders who actually know what they’re doing?
17 replies (most recent on top)
The unhealthy obsession with OMS has sidelined revenue generating Portware. Folks there have either quit or not bothered performing anymore. Only a matter of time till clients switch to better trading systems.
Nearly every LB sales has left. There have been 0 sales, pipeline is non existent. This stunt is much worse than what Stan and co did with Cymba years ago. Hope Sanoke is actively considering putting in a new he’s of front office, preferably someone who knows what front office is.
While the world has moved toward Anthropic and other earthshattering AI tools, Stan is busy duct-taping PMHub with LB and Portware.
Portware client's actually generate revenue, Stan and his minions are taking resources away from Portware and putting them on deadbeat products such as LB or PMHub. Result? Portware clients walk due to product constantly dropping the ball. Sanoke should sell Portware while he still can.
oh, and goes without saying PMHub, LB or Portware are lightyears away from any AI related features.
Leadership’s been asleep at the wheel for years, no surprise there. Head of sales is tooling around in some overpriced car with all the fancy autopilot gadgets (overcompensating). Hopefully he’s at least paying more attention on the road than he does to his actual job!
Biggest mistake made was to invest in plc and all These loser investments. It was flaues from Pw purchase and kept doubling down. The focus should have always been on data. the successful acquisitions were always the data oriented ones (FE, FF, Revere, Lionshares)
@1vp Logointern is not a failure. Huge win for the business. The rest, though....
I am pretty sure some deals they use a scheme as you guys do not even know small acquisitions like Cabot investment technology and how it’s failed. Small private-company deals are often not disclosed if the buyer and seller choose to keep terms private. All deals are somewhat failed so far as BTU analysis, Cabot, Cobalt(lack of resource), idaciti and LogoIntern(2025) on top of the ones below.
At some point, some law firm will initiate a class action. The is beyond incompetence.
A&T leadership—yeah, the minions—spent months on due diligence, includin partner sales. Either LB’s leadership was knockin it outta the park, sellin a slick story like pros… or A&T’s folks just didn’t do their freakin’ job. Me? I’m leanin toward the latter.
How the he-l does LB pass “rigorous DD” with flyin’ colors, and then a few months after the acquisition, their big-name clients bail and their president splits under… ‘mysterious circumstances’?
The CRO deserves all the heat—but we gotta start callin these minions what they are.
@e0 How did we buy it? Because someone who lost a sales deal told the ex-CRO and now CFO that it was the missing piece in our PLC. Of course this was further perpetuated by A&T Leadership to cover their failure in building out OMS over the years despite multiple acquisitions like Bisam, Cymba and Portware. ELT’s due diligence on these matters led us to many disasters, this being one of them. It’s easier to say there is a product gap than to admit lack of effort and skill in selling what is. On the flip side - look at the product developers missing the crux that the client’s job is to do their job, not learn random new ways of fds every darn day. Sh-t show that begins at the very top - perhaps a question for the strategic investments head to answer.
Bet he’s at the gym right now, scrollin through this forum on some RSS feed between sets, countin his bonus while the rest of us get nickels on the dollar.
Classic FF… soon as someone calls out his SBU for what it actually is, he’s straight on here starting another thread on RCS, stirring the pot and mouthing off on CRO or RCS like no one’s clocked it. Mate, we all know what’s wrong with RCS — we’ve spent ages battering the CRO over it. How about, for once, you take a bit of accountability for your own mess, yeah? Wish you’d put half as much graft into your actual job as you do gossiping like some old fishwife.
@de
What an absolute arsonist. Worse than I even imagined.
LB has only fu--ing 70 employees, how the fu-k we paid that much to get that company
I quit after the whole mess with OMS a while back, and there’s zero strategy from the ELT, especially RR. Back in the day, we had PMP and partnered with LB to connect the apps. But after a few pitches at states, LB sales broke the deal and went with another provider, so we cut ties.
Then we moved everything to an HTML-based PMHub and started building a connector with another vendor. But before we could even finish, leadership flip-flopped and went back to LB. All the work we’d done was wasted, since cutting ties and moving to HTML meant we had to redo everything from scratch.
Meanwhile, the “boys’ club” of middle managers just keep shifting around to dodge accountability for this black hole of a strategy. At some point, someone has to actually take responsibility for it.
Goes back to same issue. D-mb strategy of plc led by ce who has no idea what plc really is Snow has no strategy ideas so buys into it. Portware , cymba etc follow. Instead of buying real oms like eze or Charles river , take that money and buy Cusip and a huge law suit. This is all on bod snow and former gc for lack of due dilligence
Absolutely f*cking gutting to watch—billions wasted on chaos with no one in charge. They’ve pulled this stunt time and again, still no one gets called out. They live in mansions, drive fancy cars, and wear watches worth more than our salaries, we’re left cleaning up the mess. Hope Sanoke is reading this.