Pittsburgh, PA, November 9, 2021 – Confluence Technologies, Inc. (“Confluence”), a global technology solutions provider helping the investment management industry solve complex investment data challenges, today announced that it has agreed to acquire Compliance Solutions Strategies (“CSS”), a global RegTech company that enables financial services firms to meet mandatory regulatory compliance requirements. Confluence is backed by Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) and TA Associates (“TA”).
Founded in 2017 and headquartered in New York, CSS offers clients a next-generation global RegTech platform underpinned by its proprietary Regulatory Book of Record (RBOR) data management solution. Servicing more than 600 clients globally, including nine of the top 10 global asset managers and six of the top 10 global hedge funds, CSS is a respected and fully integrated Compliance-as-a-Service provider, bringing together innovative SaaS-driven technology solutions, deep regulatory expertise and white-glove managed services to support the investment management community. CSS’s extensive solution capabilities span regulatory reporting, investment monitoring, transaction reporting and compliance program management.
This acquisition further advances Confluence’s strategy to expand its regulatory compliance offering and will create a unique and comprehensive cloud-based RegTech solution for the financial industry. With global coverage and SaaS solutions for enterprise risk, regulatory reporting, and compliance, the combined company will build on a culture of customer-centric innovation to better serve the asset management industry. The transaction is expected to close in the fourth quarter of 2021.
“Confluence is pleased to welcome CSS to the team as we look to deliver on our growth strategy. We have long respected their SaaS-based solutions and admire their depth of in-house regulatory expertise,”
“We see tremendous demand in this space as global regulators continue to refine and expand compliance and reporting obligations, furthering the need in the market for technology that streamlines operational efficiencies and drives scale. The CSS and Confluence offerings are highly complementary and together we will continue to deliver a truly innovative, end-to-end regulatory solution to our clients.”
said Mark Evans, CEO of Confluence.
“We are excited about Confluence’s acquisition of CSS and believe that it significantly enhances Confluence’s regulatory compliance capabilities.”
“With its second acquisition announced this month, Confluence is reshaping the investment management industry. Working alongside TA and the Confluence team, we will continue to look for opportunities to grow the business organically and through acquisitions, while optimizing its operations.”
said Behdad Eghbali, Founder and Managing Partner, and James Pade, Partner, of Clearlake.
“We are excited to join forces with Confluence to create an unmatched regulatory compliance platform of scale, resilience, and global reach,”
“Confluence is an innovator in the investment management industry with highly complementary solution capabilities and a stellar reputation earned by helping clients manage complex requirements. This compelling combination will accelerate the efforts of both organizations in driving the digital transformation of regulatory compliance for our clients.”
said Doug Morgan, CEO of CSS.
Sidley Austin LLP served as legal counsel to Confluence.
As a leading global technology solutions provider to the investment management industry, Confluence helps clients solve complex investment data challenges across the front, middle and back office. From innovative portfolio analytics to regulatory and financial reporting solutions, Confluence invests in the latest technology and data and in its team of industry experts to meet the evolving needs of asset managers and service providers. Headquartered in Pittsburgh, PA, Confluence services over 400 clients in 40 countries, with locations across Europe, North America, South Africa, Australia and Asia. For more information, visit www.confluence.com.