Covestor, an online real-trade sharing service launched this year, is using open source software to drive its challenge to professional fund managers.

The company offers a service that lets individuals invest directly alongside successful, independent investors rather than through traditional, managed mutual funds.

A technology platform allows investor to see the track record of fellow users of the Covestor site and to align their investment strategies to the most successful.

Covestor has signed a contract with open source provider Sirius Corporation to develop and support its database and production platform.

Perry Blacher, founder of Covestor said: "As a start-up we need to innovate rapidly. Open Source software allows us to do that, both from a cost and speed point of view. We can integrate, configure and build on top of our Open Source software stack freely to meet our changing needs.

"We don't see anything big enough to be described as a barrier to the adoption of Open Source software. For a start-up, Open Source is a no-brainer."

Mark Taylor, CEO of Sirius Corporation said: "With budgets tighter than ever, the interest in Open Source software has never been greater.”

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