Confluence Technologies, a Pittsburgh, PA-based provider of investment data management automation for regulatory, financial and investor reporting, acquired StatPro Group plc, a London, UK-based 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 £161.1 million (over $207 million USD).
The transaction brings together two complementary businesses to create a supplier of front, middle and back-office solutions to asset managers and administrators.
Founded in 1994 by Justin Wheatley, StatPro offers technology that makes advanced portfolio analytics simple and more cost-effective for investment managers of any size. The company 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.
Led by Mark Evans, Founder and CEO, Confluence focuses on getting the data right, then reuses it across multiple regulatory, financial, statutory, performance and investor communications. Eight of the top 10 global service providers license the company’s products.
Confluence serves the international fund industry with locations in Ho Chi Minh City and London.