PRESS RELEASE
Integral Announces Strategic $15M
Investment from Morgan Stanley
PALO ALTO, California (November 27, 2018) – Integral (www.integral.com), the technology
partner trusted by leading banks, brokers, and asset managers to help them outperform theircompetition in the foreign exchange market, announced today that Morgan Stanley Expansion
Capital has made a $15M investment in the company. This investment by Morgan Stanley enables
Integral to continue its growth of its market leading FX technology platform across a broader set ofbanks, brokers, and asset managers.
“The market opportunity for Integral has never been better,” said Harpal Sandhu, Integral founderand CEO. “Our focus on building the best FX solutions coupled with our unparalleled customer
service has given us the largest installed base in the business – more than 200 leading institutions
run on the Integral platform. We look forward to partnering with Morgan Stanley Expansion
Capital and leveraging their deep experience and global resources.”
Integral combines the innovation of Silicon Valley with deep understanding of FX to deliver a cloudbased workflow management and trading platform that is the industry’s only answer for FX
institutions that want to design and deliver complete solutions tailored to their businesses. Morethan 200 top-tier financial institutions rely on Integral to run their FX business. Integral willcontinue to capitalize on the recent success across its business including tremendous growth ofOCXTM, a leading FX venue combining the widest variety of FX market participants into a single
integrated network of liquidity, the successful deployment of features required for MiFID IIcompliance, and significant customer wins for BankFXTM.
“We are excited to partner with Integral to support their continued growth and market expansion.
We believe that Harpal and his team have developed an innovative and best-in-class FX technology
platform which successfully addresses the unique needs of its customer base,” said RobertBassman, Managing Principal, Morgan Stanley Expansion Capital. “We seek to invest in proven andscalable companies that provide highly differentiated offerings like Integral.”
About Integral
Integral is a financial technology company that helps its customers—banks, brokers, and asset
managers—outperform their competition in the foreign exchange market through innovative
solutions for workflow management and advanced execution. This powerful cloud-based platform
is the industry’s only answer for FX institutions that want to design and deliver complete solutions
tailored to their businesses. Integral’s modern approach of addressing the entire FX lifecycle withan intelligent platform allows its customers to achieve the lowest transaction costs, greatest
operational efficiency, and highest yield. Founded in 1993, Integral maintains development,
support, and sales offices in Palo Alto, New York, London, Tokyo, Singapore and Bangalore.

©2018 Integral Development Corp. All rights reserved. Integral technology is protected under U.S.
Patent Nos. 6,347,307; 7,882,011; 8,417,622; 8,862,507, 9,412,134; 9,836,789, and patent pending
applications and related intellectual property.
Additional information is available at https://www.integral.com
About Morgan Stanley Expansion CapitalMorgan Stanley Expansion Capital is the growth-focused private investment platform within
Morgan Stanley Investment Management. Morgan Stanley Expansion Capital manages funds whichtarget growth equity and credit investments within technology, healthcare, consumer, digital media
and other high growth sectors. For over three decades, Morgan Stanley Expansion Capital has
successfully pursued growth investment opportunities and has completed investments in over 190
companies leveraging the global brand and network of Morgan Stanley.
Contact: Wendy Stovell
Integral
850 Hansen Way Palo Alto, CA 94304
phone: (650) 424-4500
email: wendy.stovell@integral.com
https://www.integral.com###