Options Technology, a global company that provides safe and highly efficient normalized market data and managed services to the financial services industry, has signed a definitive agreement to acquire Crossvale, a US and EU-based application and platform modernization leader. This acquisition will further enable Options Technology to improve its position in, and possible dominance of, the space of helping financial services institutions modernize older technology, reduce technology debt, and improve the uptake of private cloud and AI in safe and compliant operating models. This acquisition is a response to the changed environment, which has faced an unprecedented return of public cloud; many institutions want more control over costs, operations, and regulatory requirements and want technology that helps them deliver this. It unites its safe and highly efficient private cloud platform with its expertise in containerization, application technology, and database migration and its partnerships with leaders like Red Hat and VMware, to help its clients modernize their applications, migrate data, and implement AI solutions without compromising data sovereignty, efficiency, and compliance. This strategic move aligns with Options’ recent launch of PrivateMind, its data-sovereign AI platform for financial services use cases, and reinforces its differentiated end-to-end proposition that unifies infrastructure, modernization and AI capabilities for regulated institutions. “This acquisition accelerates our growth strategy at exactly the right moment for the industry,” said Danny Moore, President and CEO of Options Technology. “Financial institutions are under increasing pressure to address spiraling technical debt, meet evolving regulatory obligations such as DORA, and reassess public cloud strategies. By bringing Crossvale into the Options platform, we are uniquely positioned to deliver modernization, AI, and private cloud as a single, integrated solution.” Todd Millard, CEO of Crossvale, added, “We’re seeing rapidly accelerating demand for application and platform modernization, particularly as organizations look to migrate and modernize critical workloads at scale. By combining our deep modernization expertise with Options’ global infrastructure platform and strong financial services relationships, we can address this demand in a way that neither company could achieve independently.”
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The newly combined organisation will provide its clients with an extremely differentiated institutional-grade solution that combines global infrastructure, container and applications modernization services, database migration services, as well as data sovereignty-enabled AI. Additionally, the services provided by the newly integrated entity will include inbuilt financial services compliance and security requirements. Vitruvian Partners, who acquired a majority stake in Options in 2024, stated that the acquisition is “a perfect example” of the firm delivering its long-term strategy for growth by investing in solutions that are highly relevant to its clients and combining private cloud infrastructure capabilities with deep modernization skills to create an exciting opportunity for the broader financial services ecosystem. Although the financial details of the acquisition were not disclosed by the firm, the deal is subject to customary closing conditions and regulatory approvals.