Siepe will use the proceeds to expand its cloud-based Software as a Service (SaaS) and IT infrastructure service offerings, grow its executive team and increase sales and marketing investment. The investment comes at a time of increased demand for robust cloud-based technology, especially as asset managers address the growing challenges of remote work environments.

In addition to Siepe’s recent appointment of Brian Shearer as Chief Product Officer, the Company has hired former Abacus Group director, Darrell Tucker, as Managing Director of Business Development. Both appointments were made to support the growing need for fund managers to more efficiently and reliably manage their technology needs, both in terms of streamlining operations and driving performance.

“The capital funding is critical as Siepe focuses on helping investment firms alleviate technology concerns, while working remotely due to the COVID-19 outbreak,” said Pusateri. “Siepe is dedicated to delivering nimble and secure software and IT infrastructure solutions to its clients, regardless of location or circumstances. Darrell’s extensive IT background and project management skills will play a key role in helping address the buy-side’s growing need for resilient workflows and operational efficiencies.”

Tucker brings more than 21 years of IT and project management experience in alternative investment firms. He will be responsible for Siepe’s overall business development initiatives, including driving strategic partnerships and implementing new procedures to enhance operational efficiencies. He will report directly to Siepe CEO and Founder, Michael Pusateri.

“Now more than ever, asset managers need to safeguard their businesses and ensure continuity by mitigating operational risks,” said Tucker. “Siepe is equipped with the level of security and responsiveness required during times of market stress and disruption. I am excited to join the team and look forward to helping the Company form the right connections to further improve the technology landscape for investment management professionals.”

Siepe’s remote support and cloud-based infrastructure has been integral to mitigating any impact to their clients’ operational workflows.