Cloud-based data management provider Alveo recently announced it had received a majority investment from Symphony Technology Group (STG). Terms of the deal were not disclosed, and the transaction is subject to customary closing conditions.
Alveo is a popular technology solution in the financial services industry, helping manage trading, portfolio management, risk and compliance workflows. The deal was the first of the year for STG, which has acquired several software and technology firms in the past couple of years.
“We are excited to partner with Mark Hepsworth and the entire Alveo team to continue enabling the management of complex data at scale for its customers,” said Marc Bala, managing director at STG. “The increasing quantum of data feeds and evolution of regulatory requirements drives a need for modern, cloud-hosted solutions. Through its recent investments in technology and products, Alveo is well-positioned to capitalize on these trends, and we will continue to support further product innovation, as financial institutions navigate growing data processing requirements and a complex regulatory environment.”