TA Associates invests in Confluence 15 March 2018Boston Reporter: Jenna Lomax
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TA Associates has completed a majority investment in Confluence and has appointed Jonathan Meeks and Kenneth Schiciano to the Confluence board of directors.
Meeks and Schiciano are currently managing directors at TA Associates.
Commenting on the investment, Meeks, said: “We have closely followed the success and development of Confluence for over a dozen years and have been impressed with the company’s long-term vision and global expansion.”
He added: “Utilising its proprietary software and service offerings and with a talented management team, Confluence has proven its ability to deliver significant operational value to its long-tenured clients, many of which are the world’s top asset managers and fund administrators.”
Mark Evans, chairman, CEO and president of Confluence, commented: “Since our founding, Confluence has strived to create and deliver automated solutions that enable asset managers and third-party administrators to consolidate and leverage data across their business operations.”
He added: “TA’s investment represents a unique opportunity to partner with a firm that generates key growth initiatives, and maintains a longstanding track record within the financial technology and software sectors. We are very pleased to have TA on board as an investor and look forward to a close collaboration in building significant additional value in Confluence.”
Financial terms of the transaction were not disclosed.
In late 2016, the Securities and Exchange Commission (SEC) implemented major initiatives impacting mutual funds, including reporting modernisation for investment firms.
As a result of these regulatory overhauls, fund administrators and asset managers servicing or managing more than 80 percent of all 1940 Investment Companies Act funds, have selected the Confluence platform to prepare and file their SEC modernisation filings.
A '40 Act fund is a pooled investment initiative offered by a registered investment firm as defined in the 1940 Investment Companies Act.
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