Support by global banking powerhouses highlights demand for ‘virtual trading floor’ tools to ensure workflow efficiency during COVID-19
Cloud9 Technologies (“Cloud9”), a leader in cloud-based communications, has completed a $17.5 million Series B funding round led by a strategic investment from UBS, with participation from existing investors including J.P. Morgan and Barclays. Agility, mobility, and resilience have come into sharp focus at financial institutions, 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.
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. 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.
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“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,” said Lee Fulmer, Global Head of Innovation Lab at UBS Investment Bank. Lee 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 that can enable enhanced performance through data and analytics.
“We have been strong supporters in Cloud9’s vision for cloud-enabled voice trading,” said Michael Elanjian, Head of Digital Innovation, Corporate & Investment Bank, J.P. Morgan. “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.”
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“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,” said Jerry Starr, Chief Executive Officer at Cloud9.
Broadhaven Capital Partners served as financial advisor to Cloud9 and Kluk Farber Law served as legal counsel.
Unlike providers of remote log-in services, which still rely on physical servers at key locations, Cloud9 is the only fully compliant and cloud-based voice communication system that meets the complex needs of users from the largest global banks and specialist trading firms.
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