Pittsburgh technology solutions firm purchased by Clearlake Capital Group

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Investment firm Clearlake Capital Group recently signed a definitive agreement with private equity firm TA Associates to acquire Pittsburgh-based Confluence Technologies, a software and data solutions provider.

Clearlake will become the majority shareholder once the transaction closes, while TA will retain a minority equity stake.

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

Evans will continue to lead Confluence along with the existing management team.

The deal is expected to close in the third quarter, pending customary regulatory approvals and closing conditions.

Founded in 1991, Confluence invests in the latest technology and expertise to create innovative portfolio analytics, regulatory and financial reporting solutions for its approximately 400 global clients. It has offices in 10 countries.