UBS Invests In Cloud9
Cloud9 Technologies, the cloud-based voice communication and analytics platform provider, has completed a $17.5 million Series B funding round. Led by a strategic investment from UBS, participation included existing investors J.P. Morgan and Barclays.
As demand for flexible office and remote working tools increases due to COVID-19, Cloud9 has seen new business increase by over 50% since March, as it onboarded several of the world’s top global banks and investment management firms. The growing client demand reflects an increasing need for access to a virtual trading floor.
"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.
"We have been strong supporters in Cloud9's vision for cloud-enabled voice trading," said Michael Elanjian, Head of Digital Innovation, Corporate and 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."
"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.