Confluence procures UK-based StatPro in an all-cash £161.1Mn deal
Category: #business  By Akshay Kedari  Date: 2019-10-30
  • share
  • Twitter
  • Facebook
  • LinkedIn

Confluence procures UK-based StatPro in an all-cash £161.1Mn deal

Confluence Technologies, a renowned US-based software company that offers back-office automation systems for the global investment management market, reportedly announced the acquisition of StatPro Group plc, a renowned UK-based global cloud-based portfolio analytics, data management tools and asset data services provider.

The company has acquired StatPro’s entire to be issued and already issued ordinary share capital through an all-cash deal of about £161.1 million (approximately $207 million). This acquisition further combines two considerably complementary businesses to create a foremost supplier of middle, front as well as back-office solutions to administrators and asset managers.  

StatPro provides award-winning technology which makes advanced portfolio analytics cost-effective and simple for investment managers. The company has 10 offices globally serving more than 450 clients across 37 countries, and its reach would further allow Confluence to expand its footprint in the U.K., continental Europe, South Africa, and Asia.

Founder and CEO of Confluence, Mark Evans stated that the company has highly respected the innovation spirit and the reputation for excellence held by StatPro. StatPro’s attribution and performance, portfolio analysis as well as risk and data support services are highly complementary to the company’s offerings and would allow the company to better help its clients reach their goals.

Mark added that by the StatPro acquisition, the company would accelerate its plans to migrate the company’s performance solutions to the cloud and further continue both organizations’ history of creating truly transformative, innovative products that the market has come to value.

Justin Wheatley, Founder of StatPro stated that since its launch in 1994, StatPro was built by always placing expertise and experience at the core of everything done by the team, and the StatPro team couldn’t be more thrilled to further work with a like-minded company to deliver fund administrators and asset managers with a greater range of analytics and support services.

TA Associates played the role of equity backer for Confluence in the all-cash deal, while Oakley Advisory and K&L Gates worked as the advisory team of the company.

Earlier in June, StatPro collaborated with J.P. Morgan for the development of a multi-asset portfolio analytics solution to be used by asset managers.
 

Source credit: https://www.globenewswire.com/news-release/2019/10/29/1936857/0/en/Confluence-Acquires-StatPro-Global-Portfolio-Analytics-Solution-and-Data-Provider.html

About Author

Akshay Kedari    

Akshay Kedari

Akshay holds a Bachelor’s degree in computer engineering. Despite having a penchant for software development and the like, Akshay took to writing as a career owing to his passion for the field. Presently, Akshay writes articles for itresearchbrief.com and a few oth...

Read More>>

More News By Akshay Kedari

Tencent Cloud boosts its footprint with launch of Indonesia data center
Tencent Cloud boosts its footprint with launch of Indonesia data center
By Akshay Kedari

Tencent Cloud has announced the launch of an Internet Data Center (IDC) in Indonesia, to provide cus...

U.S. FDA extends review period of Pfizer’s abrocitinib by three months
U.S. FDA extends review period of Pfizer’s abrocitinib by three months
By Akshay Kedari

The clinical tests of Pfizer’s drug included adolescents as well as adults with moderate-to-...

TIM Brazil picks Ceragon Networks to partake in TIP 5G OpenRAN trials
TIM Brazil picks Ceragon Networks to partake in TIP 5G OpenRAN trials
By Akshay Kedari

Ceragon Networks Ltd., an Israel-based networking equipment vendor, has reportedly been chosen by th...