As technology continues to become more central to asset management, from FinTech, to RegTech and DataTech, Confluence a global player in the latter field confirmed its acquisition of UK-based StatPro.
CEO of Confluence Mark Evans, told Fundeye that the deal will aid the firm which has ‘traditionally been viewed as back office’ support to areas in both the front and middle office.
One of the main draws to StatPro was its acquisition of UBS Delta over two years ago, the Swiss investment banking giant’s risk and analysis service.
Mr Evans said that the acquisition will further enhance the ‘global journey’ Confluence is on, it has offices from the US to Vietnam with European offerings as well, allowing the firm to aid its clients in regulatory matters anywhere on the globe.
The Delta deal, which was unique in that StatPro staff would be based in UBS’ offices and still use the UBS brand before integrating it into StatPro’s flagship product StatPro Revolution, still has a couple of years to run according to Mr Evans. The desire to have ‘functional parity’ between the two services is ‘well on its way’ according to the Confluence founder and chief and with StatPro now under the wing of the DataTech giant, ‘we can drive Delta and give it the space it deserves and make it available to larger clients’.
StatPro’s chief executive Justin Wheatley and Mr Evans have known each other for over 20 years so the bolt-on will likely not suffer from cultural mismatches that have scuppered many a deal. Mr Evans told Fundeye that ‘the market hasn’t appreciated StatPro’ and indeed much was made of the company’s seemingly painful transition into software as a service (SaaS) model a few years ago.
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