Confluence Technologies, a specialist in investment data management automation for regulatory, financial and investor reporting, has acquired StatPro Group, a provider of cloud-based portfolio analytics, asset data services and data management tools for the global asset management industry and asset management service providers.
Confluence has acquired the entire issued and to be issued ordinary share capital of StatPro in an all-cash offer of approximately GBP161.1 million (over USD207 million USD). The transaction brings together two highly complementary businesses to create a leading supplier of front, middle and back-office solutions to asset managers and administrators.
Mark Evans, Confluence Founder and CEO, says: “We, at Confluence, have long respected the spirit of innovation and reputation of excellence that is StatPro. StatPro’s performance and attribution, portfolio analysis and other data and risk support services are deeply complementary to Confluence’s offerings and will allow us to better help our clients achieve their goals. By acquiring StatPro, we will accelerate our plans to migrate Confluence’s performance solutions into the cloud, and continue both organisations’ history of creating truly innovative, transformative products that our industry has come to value.
“Both companies are founder-led with cultures of innovation, integrity, imagination, discipline and service and we are pleased to welcome the employees of StatPro to the Confluence team.”
Founded in 1994, StatPro offers award-winning technology that makes advanced portfolio analytics simple and more cost-effective for investment managers of any size. StatPro has 10 global offices servicing over 450 clients in 37 countries, and its reach will enable Confluence to expand its market presence in the United Kingdom, continental Europe, Asia and South Africa.
StatPro Founder Justin Wheatley, says: “From its launch in 1994, we have built StatPro by always placing experience and expertise at the center of everything we do, and we couldn’t be happier to be joining a like-minded firm in order to provide asset managers and fund administrators with an even greater range of support services and analytics.”
Finally, Confluence would like to thank its private equity backer, TA Associates, for its continued support. In addition, for their fantastic efforts in helping complete this deal in an accelerated timeframe, Confluence would like to send gratitude to its advisory team, Chris Godsmark and Marc Jones of Oakley Advisory, as well as Paul Tetlow and Tom Wallace of K&L Gates.
