As cloud computing turns the traditional technology sector on its head, cloud technology companies continue to garner interest from the private equity and venture capital world. The latest acquisition target in the private market is UK cloud-technology company Options.
New York-based private equity firm Bregal Sagemount has invested nearly $100 million in the provider of outsourced financial technology and managed IT services. The twenty-five-year-old company is headquartered in London and New York, and has experienced a long period of growth since its inception as a hedge fund technology services provider. The market leader now lists some of the world’s most influential financial institutions, asset managers and funds as customers, posting revenues up over 100% in the period from 2014 to 2016.
Options has offices across the globe, including locations in Belfast, Hong Kong, Singapore, Toronto, Dublin, Geneva and the Caribbean.
The cloud company’s latest capital influx from the private equity shop is “an endorsement of the team, services, and technology” the firm has built over the years, said Options’ Chief Executive Officer Nigel Kneafsey in a prepared statement. “We believe that the rapid growth in the business in the last few years is underpinned by the accelerated wave of outsourcing in financial services IT globally. Sagemount is the perfect partner to support our mission to become a global power in this high growth sector.”
The $100 million is intended to help accelerate Option’s momentum, further scaling its business as it delivers its multifaceted IT solutions.