Cloud Communications Firm Cloud9 Technologies Secures $30M In Funding From A Consortium Including JPMorgan Chase, ICAP, Barclays, And Point72 Ventures
NEW YORK, Oct. 12, 2016 /PRNewswire/ — Cloud9 Technologies LLC, a cloud-based communication provider for financial firms and institutional traders offering advanced capabilities to leverage compliance, voice analytics and workflow solutions, announced today the close of a $30M funding round. This round was led by JPMorgan Chase & Co., with ICAP, Barclays and Point72 Ventures. The round also includes individual participation by the principals of several leading trading firms, such as Hudson Ridge Asset Management, who were among Cloud9’s early customers.
“We are thrilled to welcome Point72 Ventures and our other investors as we continue to build a technology that acts as a catalyst in terms of changing the communication and process around trading,” said Gerald Starr, CEO of Cloud9 Technologies. “Cloud9 has ushered trader communication into the modern age, while bringing mobility, enhanced compliance and security, and more agile communication to the industry. With the close of this round, our team is poised to continue development of products and services that will change the way the financial industry and enterprise businesses communicate and collaborate.”
To date, more than 2,700 users in 29 countries have adopted Cloud9. Firms have cited several reasons for Cloud9’s popularity among financial services professionals, including the platform’s ease-of-use, mobility features, strong value proposition and interoperability with other solutions.
“Cloud9’s technology inspired us to revisit our trader voice communication strategy and related workflow,” said Rick Smith, Head of Private Investments at JPMorgan Chase. “We believe that Cloud9 will empower traders through its ease of use and management, while improving efficiency, enhancing compliance and reducing communications costs.”
Cloud9 will use the funding to support innovation, accelerate the development of several products in great demand by its customer base and expand the service offering into new markets. Most recently, Cloud9 opened an office in Singapore to meet growing demand in the Asia Pacific region, and the company has plans to expand operations in other markets by early next year.
“The rapid growth of Cloud9 since the company’s launch in 2014 has paralleled the industry’s adoption of cloud technology and we’ve seen the opportunity to extend the platform’s benefits into areas such as workflow, compliance and advanced analytics,” said Richard Kerschner, Chief Corporate Development Officer of ICAP’s Post Trade, Risk and Information Services Division. “Cloud9 is best positioned to provide next generation solutions that will create improved efficiency and additional benefits for traders, brokers, and other financial market players.” ICAP’s participation was led by Euclid Opportunities, ICAP’s investment arm focused on emerging fintech companies.
“We believe Cloud9 is an emerging leader in transforming the way the buy-side and sell-side communicate across the capital markets,” said Pete Casella, Partner at Point72 Ventures. “We are excited to partner with Jerry and his team to help attract more of our peers and trading counterparts into the Cloud9 ecosystem.”
“We have been using Cloud9 since the beginning,” said Michael Intrator, President and CEO of Hudson Ridge Asset Management, LLC. “We chose to personally invest in Cloud9 because the technology has been reliable, and transformative for us. We believe that the company has a future that extends beyond creating an integrated lifecycle around trading communications and beyond the finance industry.”
In July, Cloud9 announced the successful launch of its Gateway Service, which connects Cloud9 users to their counterparties, even if they are not yet using the Cloud9 application. This kind of interoperability gives traders and brokers an edge, allowing them to connect with counterparties that they otherwise might not have had access to via the Cloud9 community.
Wachtell, Lipton, Rosen & Katz served as legal advisor to Cloud9 in connection with the funding round, which commenced earlier in 2016.
About Cloud9 Technologies
Cloud9 Technologies is a cloud communications service provider that delivers high performance voice and collaboration services designed for the unique functional and compliance needs of institutional traders. The company delivers its services from the cloud using software applications that leverage the Internet and advanced WebRTC technologies.
Cloud9 connects counterparties across all asset classes via a cloud-based communication platform that features end-to-end security, encryption and advanced compliance capabilities. Cloud9 eliminates the infrastructure and expense associated with legacy hardware and telecommunication based solutions. Our customer base includes top brokerages, sell-side firms, and tier one banks. For more information, visit: www.c9tec.com
SOURCE Cloud9 Technologies LLC