- The investment was led by UBS Group along with participation from Barclays and JP Morgan.
- Cloud9 has been able to increase its business by more than 50% since March due to growing need to provide virtual access to a trading floor using a cloud-based voice communications model.
One of the major leaders in cloud-based software, Cloud9 Technologies has announced that it has obtained USD 17.5 million through a Series B funding round led by UBS. Investors like Barclays and JP Morgan also participated in this round. For the uninitiated, Cloud9 based voice communications is the only cloud-based compliant model that meets the needs of trading firms and investment banks. The current remote working trend has bought to attention the demand for flexible tools that facilitate easier remote working, and therefore, financial institutions are now focusing more on agile, mobile and resilient solutions to increase cloud-based technology adoption for a virtual trading floor.
In recent months, the company has onboarded some of the world’s top most investment firms and global banks which has helped the company increase business by more than 50% since March due to a need for an integrated environment to provide virtual access to a trading floor anywhere, anytime.
Post the funding round it was also announced that Lee Fulmer, the global head at innovation lab, UBS Investment bank will be joining the Cloud9 team on the board of directors. He is currently responsible for deploying third party solutions to improve performance using data analytics and driving innovation agenda at UBS Investments Bank.
Mr. Lee outlined various reasons as to why the association between the two companies makes complete sense and highlighted that a cloud-based environment helps generate data insights. He also said that this association will help their own traders communicate seamlessly especially during the time of the pandemic.
Jerry Starr, the CEO at Cloud9 said that the company concentrates on providing optionality and that is what financial institutions nowadays need. He also said that the industry is recognizing the importance of flexibility through a new and intelligent voice communications model.
During the funding round, Broadhaven Capital Partners and Kluk Farber Law respectively served as financial and legal advisors for Cloud9.