Symphony announces acquisition of Cloud9 Technologies
Symphony – a financial markets’ infrastructure and technology platform – has acquired the trader voice and electronic communication company Cloud9 Technologies (Cloud9).
With this acquisition, Symphony will improve its front office communications with new services and solutions combining trader voice with natural language processing (NLP) and automation. The combined offering will 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. 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,” said Symphony’s chief executive officer, Brad Levy. ologies.
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.