Upstart challenges Bloomberg’s dominance as business data source

A Limerickman is taking on the terminal giant with a cloud-based platform

There aren’t many people who would be brave enough to take on billionaire businessman Michael Bloomberg, but Irish man Morgan Downey is one of them.

The New-York based, Limerick-born entrepreneur is going after the tycoon’s cash cow – the Bloomberg Terminal – with an alternative browser-based market data platform known as Money.Net.

Given that Downey’s offering costs about a twentieth of Bloomberg’s and is, he says, more user-friendly, he could yet succeed in taking down a product long seen as essential on trading desks around the world. 

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