- Cloud-based communications leader Cloud9 Technologies announced it has raised a $17.5 million Series B round of funding
Cloud-based communications leader Cloud9 Technologies announced it has raised a $17.5 million Series B round of funding led by a strategic investment from UBS with participation from existing investors, including J.P. Morgan and Barclays.
At financial institutions, agility, mobility, and resilience have come into a major focus thus accelerating demand for flexible remote working tools on and off the trading floor and increasing the adoption of the industry’s only fully cloud-based voice communications solution. And Cloud9 has seen new business increase by over 50% since March as it has onboarded several of the world’s top global banks and investment management firms. And the growing client demand reflects an increasing need for ‘anytime, anywhere’ access to a virtual trading floor and highlights the inherent benefits of an integrated cloud-based environment.
Cloud9 Technologies is the leading voice communication and analytics platform designed for the unique needs of the financial markets. Cloud9 developed a solution that harnesses the voice communication talk path for the trading floor of the future – offering more functionality and analytic insight than legacy hardware at a fraction of the cost.
And Cloud9 connects counterparties across all asset classes via a cloud-based communication platform that eliminates the infrastructure and expense associated with legacy hardware and telecommunication-based solutions with front-office focused data and transcription, purpose-built for the financial markets.
Lee Fulmer, Global Head of Innovation Lab at UBS Investment Bank, will join Cloud9’s Board of Directors this year. Fulmer is responsible for UBS Investment Bank’s innovation agenda, including the deployment of new third-party solutions which can enable enhanced performance through data and analytics.
Broadhaven Capital Partners had served as financial advisor to Cloud9 and Kluk Farber Law served as legal counsel.
Key Quotes:
“Whether it’s working from an office or from home, traders and financial institutions want optionality and that’s what we’re providing. The transition to a virtual, cloud-based trading floor is accelerating as the industry recognizes the importance of a more flexible and intelligent voice communications model.”
– Jerry Starr, Chief Executive Officer at Cloud9
“We have been strong supporters in Cloud9’s vision for cloud-enabled voice trading. We’re at a turning point in how technology is transforming trading floors and Cloud9 is playing a critical role in the evolution of voice trading.”
– Michael Elanjian, Head of Digital Innovation, Corporate & Investment Bank at J.P. Morgan
“Our decision to invest in and partner with Cloud9 makes sense for many reasons. Not only are we committed to equipping our own traders with tools for seamless and agile communications – even more relevant today during the current COVID-19 crisis – but also because we see many benefits to a cloud-based environment and the data insights that come with it.”
– Lee Fulmer, Global Head of Innovation Lab at UBS Investment Bank
