M&A Deal Summary

Confluence Acquires Investment Metrics

On November 3, 2021, Confluence acquired information technology company Investment Metrics from HarbourVest Partners and Resurgens Technology Partners for 500M USD

Acquisition Highlights
  • This is Confluence’s 1st transaction in the Information Technology sector.
  • This is Confluence’s largest (disclosed) transaction.
  • This is Confluence’s 1st transaction in the United States.
  • This is Confluence’s 1st transaction in Connecticut.

M&A Deal Summary
Date 2021-11-03
Target Investment Metrics
Sector Information Technology
Buyer(s) Confluence
Sellers(s) HarbourVest Partners
Resurgens Technology Partners
Deal Type Add-on Acquisition
Deal Value 500M USD
Advisor(s) Centerview Partners (Financial)
DLA Piper (Legal)

Target

Investment Metrics

Norwalk, Connecticut, United States
Investment Metrics is a provider of investment performance analytics and reporting solutions for institutional consultants, asset managers, and private wealth advisors. Built by institutional investment consultants for investment professionals, the company’s solutions include PARis (performance analytics and reporting), InvestWorks (manager search and due diligence), EQuest (manager data portal), peer universe data, outsourced reporting services and InterSec Research for market intelligence. The company's solutions enable investment professionals to analyze, measure, and report client portfolios in a highly insightful, accurate, and efficient manner. Investment Metrics was formed in 2010 and is based in Norwalk, Connecticut.

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Buyer(S) 1

Buyer

Confluence

Pittsburgh, Pennsylvania, United States
Category Company
Founded 1991
Sector Internet Software and Services
DESCRIPTION

Confluence is a financial services data management software platform that offers mission-critical regulatory, investor communications, and performance reporting solutions to the global asset management industry. Confluence is uniquely positioned as the only unified data-driven software platform that enables asset managers and global and regional fund administrators to automate various communications and reporting to shareholders and regulators. Confluence was founded in 1991 and is based in Pittsburgh, Pennsylvania.

DEAL STATS #
Overall 2 of 3
Sector (Information Technology) 1 of 2
Type (Add-on Acquisition) 2 of 3
State (Connecticut) 1 of 1
Country (United States) 1 of 2
Year (2021) 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-29 StatPro Group

London, United Kingdom

StatPro Group Plc is a cloud-based platform provides cloud-based portfolio analytics, asset data services, and data management tools for the global asset management industry and asset management service providers. The Group has 10 offices in Europe, North America, South Africa, and Australia, servicing 450+ clients in 37 countries. It is organized into three divisions: Revolution, Source: StatPro and Infovest. StatPro Group was founded in 1994 and is based in London, the United Kingdom.

Buy £161M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-09 CSS

New York, New York, United States

CSS is a provider of technology-enabled regulatory and compliance solutions to the financial services industry. The CSS platform provides a comprehensive technology-enabled offering encompassing regulatory reporting, data management, outsourced compliance management services, compliance workflow tools, shareholding disclosure, trade monitoring, trading analytics, and cybersecurity solutions. CSS was founded in 2017 and is based in New York City.

Buy -

Seller(S) 2

SELLER

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.

DEAL STATS #
Overall 115 of 132
Sector (Information Technology) 18 of 18
Type (Add-on Acquisition) 47 of 57
State (Connecticut) 3 of 4
Country (United States) 73 of 83
Year (2021) 7 of 9
Size (of disclosed) 30 of 39
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-03 Newport

Walnut Creek, California, United States

Newport is an independent provider of retirement services in the U.S., with over one million employee participants and more than $160 billion in assets under administration. Newport's services include retirement plan recordkeeping and administration, insurance distribution, and consulting services related to retirement plans. Newport was founded in 1984 and is based in Walnut Creek, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-05 Ministry Brands

Lenoir City, Tennessee, United States

Ministry Brands is a provider of SaaS platforms for churches, parachurch ministries and other faith-based organizations in the United States and Canada. The company seeks to equip the 21stcentury church with technology that empowers pastors, church executives, technology professionals, and administrators to proactively carry out their Biblical mission with excellence, reverence, and efficiency. Its suite of solutions includes church management, giving, accounting, mobile applications, website development, background checks, content, streaming, and messaging. Ministry Brands was founded in 2012 and is based in Lenoir City, Tennessee.

Buy -
SELLER

Resurgens Technology Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2016
PE ASSETS 700M USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Resurgens Technology Partners is a private equity firm focused on acquiring software and technology-enabled service companies. The Firm targets businesses with $5 to $30 million of recurring revenue and will consider opportunities throughout North America. Specific areas of interest include enterprise software, information services, and analytics. Resurgens has a preference for founder-owned companies with potential for market leadership. Resurgens Technology Partners was established in 2016 and is headquartered in Atlanta, Georgia.

DEAL STATS #
Overall 1 of 2
Sector (Information Technology) 1 of 1
Type (Add-on Acquisition) 1 of 2
State (Connecticut) 1 of 1
Country (United States) 1 of 2
Year (2021) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-07 AgencyBloc

Cedar Falls, Iowa, United States

AgencyBloc is an agency management software system that helps life and health insurance agencies grow their business with an industry-specific CRM, commissions processing, and integrated business and marketing automation. AgencyBloc was founded in 2008 and is based in Cedar Falls, lowa.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-10 Superna

Kanata, Ontario, Canada

Superna is a provider of solutions that help corporations protect, manage, and secure their unstructured data. The company supports over 2,700 customers spanning a broad array of industries who depend on its simple and easy-to-use products to protect and secure billions of files stored on scale-out network-attached storage systems. Superna was founded in 2003 and is based in Ottawa, Ontario.

Buy -
Mergr

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