Digital transformation brings transparency, speed and a world of opportunity to entrepreneurial companies.
Intercontinental Exchange, an operator of commodity and stock exchanges, reported spectacular financial results on Aug. 1, and managers have plans to disrupt other lucrative markets soon.
ICE, according to their website, “builds, operates and advances global markets through information, technology and expertise.”
The company’s foundation was set in 1996. Jeffrey Sprecher, a mechanical engineer from Wisconsin, spent $1,000 to buy Continental Power Exchange, an Atlanta electronic energy trading company. Despite the objections of his lawyer, the serial entrepreneur saw a tremendous opportunity in electronic trading.
The company was relaunched in 2000 as ICE when Sprecher gave up 80% of the business to investment bankers Goldman Sachs and Morgan Stanley, according to a 2013 report in the New York Times. With big banks and their customers in tow, the company began competing head to head with Enron, the dominant electronic trading platform at the time.