Belfast IT firm Options in private equity funding boost
IT firm Options, which has a major operation in Belfast, has announced a funding injection from a private equity firm.
The company, which sells cloud-enabled managed services to global capital markets, has received support from Abry Partners based in Boston.
Options, led by local man Danny Moore, said the investment would help it speed up its growth.
Its plans include pursuing merger and acquistion targets, investing in technology and expanding in key financial centres around the world.
The amount of the funding has not been disclosed.
Options has nearly 300 employees globally and offices in the the US, Dublin, London, Hong Kong, Singapore, Toronto, Geneva and Auckland. It also has a high-spec data centre in London.
Options was founded in 1993 as a hedge fund technology services provider but has expanded in recent years. It's now a major provider of outsourced financial technology and managed IT services.
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Over 200 firms are now users of Options' infrastructure, including global investment banks, hedge funds, proprietary trading firms, private equity houses and exchanges.
Mr Moore, who is chief executive and president at Options, said: "We are thrilled to announce Abry's investment in Options.
"They are a firm with a proven track record in partnering with growth firms and propelling them to the next level.
"Even more crucially, they are seasoned operators in the financial services and managed IT space and understand the exciting opportunities within reach of firms offering cloud services to the capital markets sector.
"We look forward to working with Abry as we continue to lead the market in the delivery of complex IT infrastructure, colocation services and specialised financial applications."
Abry partner Tomer Yosef-Or said: "We are excited to be able to help the Options team accelerate their efforts to become one of the leading managed service providers globally.
"Abry believes the ever-changing IT landscape will provide multiple opportunities for Options to continue to expand its services and strengthen its strong partnerships with customers.
"We intend to leverage our significant capital and experience in the IT infrastructure and managed services space to help the Options team build a highly sophisticated, customer-centric global platform."
Options Technology's 2018 accounts report turnover of £70.9m for the year, up from £50.4m, while pre-tax profit doubled from £1.2m to £2.4m.
A strategic report filed with the accounts considers risks and uncertainties including Brexit, and the importance of managing talent. Risks associated with Brexit included foreign exchange volatility, free labour movement and supply chain impacts.