Pico

Name

Pico

Legal name

Pico Quantitative Trading LLC

Website

https://pico.net

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

251–500 employees

Ownership category

akta.pro rank

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Infrastructure, Personnel, Technology or R&D, Operations, Marketing or Sales, Supply Chain

Revenue model

1. Managed Services & Infrastructure Recurring Revenue: Recurring managed services revenue from colocation, 24/7 Service Operations Center support, device management, cloud services, and ongoing connectivity subscriptions across 55+ data centers. Recurring revenue was an explicit acquisition rationale for the Redline deal.
2. Connectivity Subscriptions (PicoNet™): Recurring revenue from PicoNet™ connectivity subscriptions, dark fiber, 40/100Gbps circuits, Layer 1/3 access, and cross-connect fees to 900+ exchange and venue products.
3. Corvil Analytics Subscriptions & Appliance Sales: Subscription/license revenue from Corvil Analytics software, plus hardware appliance sales (Corvil 12000, 10000, 8800, 7950, 6950) supplied at cost. Includes Corvil Cloud Analytics and Corvil Connectors streaming to Splunk/Elastic/Kafka.
4. Redline Trading Software Licensing: Software licensing revenue from Redline (InRush Ticker Plant, RedlineFeed, Order Execution Gateway, Pre-Trade Risk), with both self-managed and fully managed service deployment models. Managed services option for Redline experts to operate infrastructure 24/7.
5. Market Data Fees: Revenue from direct exchange market data redistribution (Top of Book and Full Depth from equities, options, futures, FX, fixed income) and historical market data (Pico Raw Historical Data / PCAP).
6. Professional Services & Technology Procurement: Project delivery management, delivery-as-a-service, technology procurement (VAR partnerships with 2–4 week delivery, purchase or lease financing), and Corvil training/certification (CCE, CCA courses).

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels9 records

Core offering

Pico provides mission-critical technology infrastructure for global capital markets, combining a proprietary ultra-low latency global network mesh (PicoNet™), a packet-level network and trading analytics platform (Corvil Analytics), and an ultra-low latency trading software suite (Redline). These are delivered as Market Services — end-to-end managed connectivity, colocation across 55+ data centers, direct exchange market data, cloud services, and 24/7 expert operations — to global banks, exchanges, hedge funds, market makers, and fintechs.

Product overview

Pico provides an integrated platform-plus-modules architecture for global capital markets, built around three core offerings that work together: PicoNet™, the proprietary ultra-low latency global network mesh; Corvil Analytics, the network-derived analytics platform (with flagship Corvil 12000 appliance, 600+ decoders, Corvil Intelligence Hub, Corvil Sensor, Corvil AppAgent, and Corvil Center); and Redline Trading Software, the ultra-low latency trading suite comprising InRush Ticker Plant, RedlineFeed, Order Execution Gateway, Pre-Trade Risk, and Managed Service. These products are delivered as Market Services — end-to-end managed infrastructure including PicoNet™ connectivity, colocation in 55+ data centers, raw and historical market data, and 24/7 expert operations — and are wrapped with IntelliVUE for real-time network monitoring and Corvil-based AI-ready analytics streaming to external platforms.

Differentiator

Problem solved

Functional benefit

Brands

• Corvil Analytics: Pico's packet-level network and trading analytics platform, providing independent visibility captured directly from the network for electronic trading and enterprise observability.
• Redline
• PicoNet
• IntelliVUE
• InRush Ticker Plant
• RedlineFeed

Products and services

• PicoNet™ PicoNet™ is Pico's proprietary ultra-low latency global network mesh connecting 900+ exchange and venue products across three regional meshes (AMRS, EMEA, APAC). The three-tier architecture spans venue, core, and distribution tiers with dark fiber, 40/100Gbps circuits, and lowest-latency switches, instrumented natively with Corvil Analytics for telemetry.
• Corvil Analytics Corvil Analytics is Pico's packet-level network and trading analytics platform capturing packets at up to 200Gbps with nanosecond precision to produce a single golden source of truth for both electronic trading analytics and enterprise network observability. It supports 600+ protocol decoders, ML/AI-powered anomaly detection, and streaming to Splunk, Elastic, Kafka, Kinesis, Hadoop, and KX/kdb+.
• Corvil 12000 Appliance

Quantifiable outcome

• Reduces cost of packet analysis by up to 3x
• +7 more outcomes

Named customers20 records

Segments9 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration25 records

AI capability3 records

Feature8 records

Partnerships

16 partnerships are on record, tiered flagship, core and minor.

• AMDflagshipTechnology or Integration · 28 October 2025Strategic collaboration announced October 28, 2025 to expand Pico's hardware ecosystem with AMD enterprise solutions. Integration includes AMD EPYC processors, Solarflare Ethernet Adapters, and Redline software, enhancing performance for financial market clients. The Corvil 12000 is powered by AMD processors with a path to sustained 400Gbps.
• DellflagshipTechnology or Integration · 16 September 2025Pico and Dell launched the Corvil 12000, delivering 200Gbps sustained network capture and real-time analytics (September 16, 2025). Dell provides the hardware platform that powers the Corvil 12000.
• SIX (Swiss Exchange)flagshipStrategic or Co-development Partner · 6 August 2025Six expanded adoption and integration of Corvil Analytics to monitor its financial information business (August 6, 2025). Pico + SIX collaboration strengthens data transparency and operational performance for the global financial data and market infrastructure provider.
• Coinbase DerivativescoreStrategic or Co-development Partner · 16 April 2025Strategic relationship announced April 16, 2025 to enhance exchange connectivity infrastructure. Initial phase involved Pico's expert team driving a complete infrastructure migration while maintaining operational continuity for seamless transition.
• BMLLcoreStrategic or Co-development Partner · 14 January 2025Strategic partnership announced January 14, 2025 to offer enhanced historical and real-time data integration capabilities. Addresses growing need for simultaneous access to real-time and historical data sets to accelerate research, understand liquidity dynamics, and optimize trading outcomes.
• MTS MarketscoreTechnology or Integration · 23 July 2024Integrated MTS Markets onto PicoNet™ (July 23, 2024), delivering enhanced European market connectivity, comprehensive data, and order entry solutions.
• Blue Ocean TechnologiescoreStrategic or Co-development Partner · 9 July 2024Partnership announced July 9, 2024 to expand Pico's market services for after-hours US Equities Trading via PicoNet™. Blue Ocean is the first leading market operator enabling 24-hour trading days in equities; jointly driving growth among Pico's Asia Pacific and global subscribers.
• Redline Trading SolutionsflagshipStrategic or Co-development Partner · 4 January 2022Pico announced acquisition of Redline Trading Solutions (January 4, 2022) to enhance technology offerings for financial markets, accelerate recurring revenue, expand global infrastructure, and improve access to real-time and historical market data. Now forms Pico's Redline trading software suite.
• IntelflagshipTechnology or Integration · 13 May 2021Pico teams with Intel for 100Gbps real-time analytics in financial markets (May 13, 2021). Uses 3rd Gen Intel Xeon Scalable processors (Ice Lake) to power Corvil Analytics. Joint technology development and product integration.
• OneChronosminorStrategic or Co-development PartnerPartnership referenced via Pico blog post titled "Pico and OneChronos: A Partnership Driving Fintech Growth." Co-marketing and integration collaboration.
• SplunkcoreTechnology or IntegrationCorvil Splunk Connectors stream real-time data to Splunk. Corvil Analytics integrates with Splunk for trading and network observability use cases.
• ElasticcoreTechnology or IntegrationCorvil Analytics streams data to Elastic via Corvil Connectors for observability and AI-ready pipelines.
• Apache KafkacoreTechnology or IntegrationCorvil Connectors stream real-time analytics and trading data to Apache Kafka for downstream consumers.
• AWS / Microsoft Azure / Google Cloud (GCP)flagshipTechnology or IntegrationPico Cloud supports private, public, and hybrid environments with all major cloud providers. Managed connectivity options include Direct Connect, Pico Connect, and internet VPN with Corvil monitoring of all cloud VPC traffic. Corvil Cloud Analytics is generally available on AWS.
• Corvil AnalyticsflagshipStrategic or Co-development PartnerCorvil Analytics is Pico's packet-level network and trading analytics platform, integrated into PicoNet™ as the native instrumentation layer. Acquisition history referenced; Corvil has been Pico's analytics backbone for over two decades.
• Texas Stock Exchange (TXSE)flagshipStrategic or Co-development PartnerFirst-to-market connectivity partnership announced April 28, 2026 for TXSE's launch. Extranet connectivity to TXSE now available via PicoNet™, with market data and order execution support via Redline Trading Software.

Scale indicators11 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• IPC Systems: Direct competitor in low-latency trading communications, managed network services, and turret/voice trading infrastructure for global financial institutions. IPC's Connexus API and managed connectivity overlap directly with PicoNet™ and Pico's managed services for tier-1 banks.
• Options Technology: Direct peer in managed IT infrastructure and colocation services for capital markets, providing connectivity, hosting, and managed services to hedge funds, prop trading firms, and exchanges — comparable managed-services model to Pico Market Services.
• Exegy: Direct competitor in low-latency market data and trading infrastructure, offering feed handlers, ticker plants, and FPGA-accelerated appliances. Closely comparable to Pico's Redline/InRush and Corvil Analytics product lines for trading and market data delivery.

Broad incumbents

• Itiviti (Broadridge Trading and Connectivity Solutions): Acquired by Broadridge in 2021, Itiviti provides trading technology, connectivity, and market data services to sell-side institutions. Overlaps with PicoNet™ connectivity and Redline trading software, though positioned as a broader sell-side OMS/EMS vendor.
• Equinix: Largest global colocation operator housing financial exchanges' matching engines; while Equinix provides neutral colocation rather than connectivity services, its acquisition of BT Radianz assets places it in overlapping territory with Pico's PicoNet™ fabric.
• Colt Technology Services: Global network operator with low-latency connectivity and on-demand services used by financial institutions. Competes with PicoNet™ at the connectivity layer via its dedicated financial-services routes and PrizmNet cross-connect ecosystem.
• Cisco (Metamako): Cisco acquired Metamako in 2019 to extend into low-latency networking for capital markets. Competes with Pico's Corvil Analytics packet-level intelligence and low-latency switching fabric at the network layer, with broader enterprise networking reach.
• Arista Networks: Provider of high-performance, low-latency switching used in trading infrastructure (Pico itself uses Arista as standard ToR). Indirect competitor in the network layer where Arista's switches compete with Pico's proprietary single-switch platform backbone.

Emerging players

• OneMarketData (Lattice): Provider of tick historical market data and analytics infrastructure. Adjacent competitor in Pico's Historical Market Data (PRHD/PCAP) offering, where OneMarketData's Lattice Exchange and Data Feed services overlap.
• BMLL: Provider of harmonized historical and real-time Level 3 market data for quantitative research. Now a strategic partner of Pico (Jan 2025) but adjacent competitor in data analytics, where BMLL's normalized data feeds can substitute for portions of Pico's analytics stack.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/pico-trading

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries3 records

Funding overview

Funding rounds4 records

Investors21 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pico