Clearlake Capital to acquire software provider Confluence

Confluence Technologies announced it has signed a definitive agreement for Clearlake Capital Group and affiliates to acquire the company from TA Associates. Upon closing of the transaction, expected in Q3, Clearlake will become the majority shareholder while TA will retain a minority equity stake. Confluence works with asset managers and service providers to automate business processes across the front, middle and back office. Financial details were not disclosed.

All of the top ten global asset managers and top ten global service providers license Confluence products to help them solve their data management and regulatory compliance challenges. Mark Evans, CEO of Confluence, will continue to lead the Company supported by the existing management team.

“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, in a statement.

Source

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