Confluence Technologies has acquired StatPro Group, a global 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 and says the transaction brings together two highly complementary businesses to create a supplier of front, middle and back-office solutions to asset managers and administrators.
“We, at Confluence, have long respected the spirit of innovation and reputation of excellence that is StatPro,” says Mark Evans, Confluence founder and CEO. “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.”
Founded in 1994, StatPro offers portfolio analytics technology. It 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, the firm says.
StatPro founder Justin Wheatley says, “From its launch in 1994, we have built StatPro by always placing experience and expertise at the centre 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.”