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Clearlake Capital sings deal to buy Confluence



Clearlake Capital Group, L.P. has signed a deal to acquire global software and data solutions provider Confluence Technologies, Inc. from TA Associates. The transaction will make the majority shareholder and TA will retain a minority equity stake.

Following the completion of the deal Mark Evans, the current CEO of Confluence, will continue to lead the company supported by the existing management team.

Mark Evans, Confluence CEO, commented:

Mark Evans, Confluence
Mark Evans
Source: LinkedIn

As asset managers and their service providers around the world work to meet unprecedented data challenges and regulatory demands, Confluence remains an invaluable partner. This investment is a testament to our remarkable growth, innovative solutions, and incredible team. The 2019 acquisition of StatPro exponentially broadened and deepened our platform to offer an extensive set of solutions across the investment lifecycle. With the support of our new equity investor Clearlake, we will further accelerate our ongoing global expansion as we continue to work with our clients to achieve their goals.

Confluence was founded in 1991 and now has offices in 10 countries supporting 400 clients globally.  The company collaborates with asset managers and service providers to automate business processes across the front, middle and back office. Confluence invests in technology and expertise which allows it to deliver portfolio analytics, regulatory and financial reporting solutions for its clients.

Acquisition

Behdad Eghbali, Founder and Managing Partner, and James Pade, Partner and Managing Director, at Clearlake, said:

Data management is critical for investment managers, which have come to rely on Confluence’s advanced software and data suite. We see an opportunity in this fragmented market to execute on our buy-and-build strategy and deliver value to customers and stakeholders. We believe with the backing of Clearlake and our O.P.S. framework, the Company can achieve further success through both organic growth and strategic acquisitions. We look forward to working with Mark, the leadership team, and TA as we execute on the next phase of growth for the Company.”

Jonathan Meeks and Ken Schiciano, Managing Directors at TA, added:

We believe Confluence is the market standard for performance, financial and regulatory reporting in the investment management industry, delivering significant operational value to its clients. It has been gratifying to partner with Confluence management over the past three years, leveraging TA’s experience and global resources to help accelerate the Company’s growth. We are very excited to continue the journey with Confluence and our new partner Clearlake.

According to the official announcement, the deal is expected to be finalized in the third quarter of 2021 pending regulatory approvals.

Confluence and JPMorgan recently announced plans to enhance their already established partnership by delivering a new solution covering multi-asset portfolio analytics. By the beginning of the third financial quarter of this year, Confluence’s performance and risk solution, Delta, will have successfully expanded its coverage to span U.S.-based securitised products.

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Clearlake Capital sings deal to buy Confluence

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