Elwood Technologies, an encryption technology company, is in talks to sell part of its business, according to people familiar with the matter.

Elwood Technologies, a cryptocurrency trading execution and risk management platform owned by billionaire hedge fund manager Alan Howard, is in talks to sell part of its business, four people familiar with the matter said. One of the people familiar with the matter said Elwood has reevaluated its development roadmap and is focusing on its existing portfolio management and risk management software-as-a-service business, with less focus on trading. Elwood is headquartered in London with offices in the UK, the US, Jersey and Singapore, and has about 100 employees. Elwood's products include trade execution and portfolio management software, and in May last year, it added risk management services such as exposure tracking and collateral monitoring. The company had revenue of $11.5 million in 2023, but lost $16.9 million after paying $23.3 million to partners, according to the documents. Another person familiar with the matter said Howard is currently restructuring his cryptocurrency portfolio, which has led to the changes at Elwood. According to Bloomberg News earlier this year, Howard is considering selling his stakes in cryptocurrency exchange Bitpanda and custody company Copper to focus on Brevan Howard Digital. Elwood completed a $70 million Series A financing in early 2022, led by Goldman Sachs and Dawn Capital, with participation from Barclays, CommerzVentures under Commerzbank, and Galaxy Digital Ventures. (CoinDesk)