Clearlake Capital to Acquire Confluence from TA Associates

Clearlake Capital to Acquire Confluence from TA Associates

New Investment from Clearlake Will Accelerate Growth and Enable Confluence to Continue Providing Innovative Software and Data Solutions to the Global Investment Management Industry

Confluence Technologies, Inc., a global software and data solutions provider helping the investment management industry solve complex data challenges, announced it has signed a definitive agreement for Clearlake Capital Group, L.P. to acquire the Company from TA Associates (“TA”). Upon closing of the transaction, Clearlake will become the majority shareholder while TA will retain a minority equity stake. Mark Evans, CEO of Confluence, will continue to lead the Company supported by the existing management team.

Confluence works with the world’s leading asset managers and service providers to automate business processes across the front, middle and back office. The Company’s investments in the latest technology and expertise allow it to deliver innovative portfolio analytics, regulatory and financial reporting solutions for its clients. Founded in 1991, Confluence has offices in 10 countries supporting approximately 400 clients globally.

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“As asset managers and their service providers around the world work to meet unprecedented data challenges and regulatory demands, Confluence remains an invaluable partner,” said Mark Evans, Confluence CEO. “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.”

“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,” said Behdad Eghbali, Founder and Managing Partner, and James Pade, Partner and Managing Director, at Clearlake. “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.”

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“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,” said Jonathan Meeks and Ken Schiciano, Managing Directors at TA. “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.”

The transaction is expected to close in the third quarter of 2021 pending customary regulatory approvals and closing conditions.

Morgan Stanley & Co. LLC acted as financial advisor to Confluence, with K&L Gates LLP serving as legal advisor. Raymond James acted as financial advisor to Clearlake, with Sidley Austin LLP serving as legal advisor.

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