Clearlake Capital Group is set to acquire automated investment data management provider Confluence Technologies from TA Associates.
The deal, whose financial terms are unknown, will see Clearlake becoming the majority shareholder in Confluence while TA will continue to hold a minority equity stake.
Established in 1991, Confluence partners with asset managers and service providers to automate business processes across the front, middle and back office.
With investments in the latest technology and expertise, the company delivers portfolio analytics, regulatory and financial reporting solutions for its clients.
In 2019, Confluence bought StatPro Group, expanding its reach in the UK, continental Europe, South Africa, and Asia.
With footprints across 10 countries, Confluence is said to support around 400 clients globally.
Confluence CEO Mark Evans, alongside its current management team, will continue to lead the company.
Commenting on the deal, Evans said that theClearlake’s investment in the firm is a testament to the company’s remarkable growth, innovative solutions, and incredible team.
He further said: “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.”
Clearlake founder and managing partner Behdad Eghbali and managing director and partner James Pade commented: “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.”
The transaction is expected to close in the third quarter of the year, subject to regulatory approvals.