Financial markets’ infrastructure and communications platform, Symphony, has acquired the trader voice and electronic communication company Cloud9 Technologies.
The acquisition is planned to support Symphony in front office communications with new services and solutions combining trader voice with natural language processing (NLP) and automation. The combined offering will potentially accelerate trade flows, improve transactional accuracy, and extend back office and remote worker use-cases.
“Symphony is building on our solid technology foundation and global network as we seek to tackle true pain points in markets’ workflows,” said Symphony’s chief executive officer, Brad Levy. “With this acquisition, Symphony takes the lead in the nascent market communications space and brings mission-critical trader voice capabilities to the Symphony platform, by adding C9’s features to our secure and compliant communication stack, with chat, voice and video meetings, file and screen sharing. Our combined capabilities will allow for more integrated and immediate conversational workflows, and front office users will be better served.”
“Six years ago, Cloud9 set out to change how trader voice services were delivered to the modern trading desk”, said Gerald Starr, CEO of Cloud9 Technologies. “As messaging had already impacted the trading communications workflow, we felt the value of voice communications in fast and complex trading scenarios would be renewed by leveraging cloud delivery to create a community of users and provide them with the tools to communicate verbally. The Cloud9 team is excited to join forces with Symphony. It is clear to us that the collective capabilities of our organizations will further drive value to the financial services community, enhancing and accelerating the delivery of secure cloud-based multi-modal communications. We are excited about the future together for our company and the industry.”
The acquisition of Cloud9 Technologies is expected to be the first of several acquisitions for Symphony. Levy has previously shared that Symphony would buy, partner with, or acquire strategic assets for the company and the industry.
Marlin & Associates and Goodwin were financial and legal advisers, respectively, to Symphony, while Broadhaven and Wilmer Hale were financial and legal advisers, respectively, to Cloud9 in this transaction. Financial details of this transaction have not been disclosed.
©Markets Media Europe, 2021
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