Confluence Technologies, a software and data solutions provider based on the North Side, has been acquired by private equity firm Clearlake Capital.
Clearlake Capital, which has offices in Santa Monica, Calif., and Dallas, is acquiring the company from TA Associates, another private equity firm that focuses on technology, health care, financial services, and consumer and business services.
Confluence, which was founded in 1991 and now has offices in 10 countries, works with the investment management industry to "solve complex data challenges," company officials said in a news release Thursday.
CEO Mark Evans, who will remain in his role after the acquisition, told the Post-Gazette in 2019 the company's role is to analyze, verify and repackage the same sets of trade data for multiple purposes. That means clients don't have to spend as much time filling out and double-checking paperwork.
"We're in the back office doing a lot of reporting and knowledge creation from all the data that comes in from all different places and turning it into something meaningful," Mr. Evans said.
In 2019, Confluence acquired StatPro Group plc, a cloud-based portfolio analytics company, to help provide the type of data that Confluence works to analyze and verify.
Clearlake’s acquisition is expected to close in the third quarter, company officials said Thursday.
Upon closing the transaction, Clearlake will become the majority shareholder and TA Associates will retain a minority equity stake.
Lauren Rosenblatt: lrosenblatt@post-gazette.com, 412-263-1565.
First Published: June 18, 2021, 10:15 a.m.
Updated: June 18, 2021, 10:31 a.m.