Financial communication platform Symphony has acquired New York-based voice trader voice and electronic communications company Cloud9 Technologies for an undisclosed amount.
Initially positioned as a bank-backed alternative to Bloomberg’s chat platform, the $1.4bn Symphony has been building out its platform in an attempt to become a full-scale financial markets’ infrastructure and technology platform.
The firm says the acquisition will let it be at the forefront in front office communications with new services and solutions combining trader voice with natural language processing and automation – accelerating trade flows, improving transactional accuracy, and extending back office and remote worker use-cases.
Symphony’s chief executive officer, Brad Levy, said the company 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. “
He added, “Our combined capabilities will allow for more integrated and immediate conversational workflows, and front office users will be better served.”
Cloud9 Technologies, which closed a $17.5m funding round late last year, was set up six years ago. It uses a cloud-based communication platform to connect counterparties across all asset classes, according to a company statement on the deal.
“The combined offering will accelerate trade flows, improve transactional accuracy, and extend back office and remote worker use-cases,” the Cloud9 statement said. “The two companies will reshape how market participants interact as well as unlock meaningful and innovative workflow and data analytics solutions.”
The acquisition of Cloud9 Technologies is expected to be the first of several acquisitions for Symphony.
Levy has previously publicly stated that Symphony would buy, partner with, or acquire strategic assets for the company and the industry.
©Markets Media Europe 2021