Options Technology announced it has entered into an agreement to acquire Crossvale, positioning the combined business to help financial services firms modernize legacy technology, reduce technical debt, and accelerate private cloud and AI adoption in a security and compliance model designed for regulated markets.
The deal is aimed at serving institutions that are reassessing public cloud strategies and pursuing “cloud repatriation” to improve cost predictability, operational control, and regulatory assurance. Options said that pairing its secure private cloud platform with Crossvale’s application and platform modernization capabilities is intended to enable clients to modernize core systems while maintaining control over data, workloads, and risk.
Crossvale brings experience in containerization, application modernization, and database migration, along with an ecosystem of technology partners, including Red Hat and VMware. Options said the combination will broaden its ability to support end-to-end modernization programs, from migrating and refactoring applications to running AI workloads on private cloud infrastructure.
Options also tied the transaction to the recent launch of PrivateMind, its data sovereign AI platform built for financial services use cases. The company said the combined capabilities are designed to address demand for compliant alternatives to public cloud by enabling modernization, data migration, and AI deployment within a private cloud foundation.
The deal is subject to customary closing conditions and regulatory approvals, and financial terms were not disclosed. Options noted the agreement follows a series of prior acquisitions intended to deepen its capital markets technology services capabilities, including Fixnetix, Activ Financial, and Packets2Disk.
KEY QUOTES
“This acquisition accelerates our growth strategy at exactly the right moment for the industry. Financial institutions are under increasing pressure to address spiraling technical debt, meet evolving regulatory obligations such as DORA, and reassess public cloud strategies. By bringing Crossvale into the Options platform, we are uniquely positioned to deliver modernization, AI, and private cloud as a single, integrated solution.”
Danny Moore, President And CEO, Options Technology
“We’re seeing rapidly accelerating demand for application and platform modernization, particularly as organizations look to migrate and modernize critical workloads at scale. By combining our deep modernization expertise with Options’ global infrastructure platform and strong financial services relationships, we can address this demand in a way that neither company could achieve independently.”
Todd Millard, CEO, Crossvale
“This acquisition is a clear example of how Options is executing on its long-term growth strategy by adding capabilities which are highly relevant to its clients. The combination of institutional-grade private cloud infrastructure with deep application and platform modernization expertise creates a highly differentiated platform for financial services ecosystem. As market demand accelerates around modernization, AI adoption, and regulatory resilience, this investment positions Options to scale faster while staying true to its core focus on performance, security, and compliance.”
Tomer Yoser-Of, Partner, Vitruvian Partners
