New York – ConvergEx Group, a provider of proprietary software and technology-enabled services to financial institutions, announced yesterday its agreement to be acquired by funds advised by CVC Capital Partners, a private equity and investment advisory firm, in an all cash transaction of $1.9 billion.
After the transaction, CVC will be the largest owner of ConvergEx Group and the Bank of New York Mellon Corporation will remain as a minority shareholder. The press release indicates that the current management team at ConvergEx will remain as shareholders and will continue to manage the firm.
As we have reported here, since its inception in 2006 ConvergEx has continued to expand its businesses positioning itself as a top player in the agency broker and research space. In the research front, ConvergEx serves clients globally through Jaywalk, an independent equity research consultancy, and through Westminster Research Associates, a platform of third-party research and execution management. ConvergEx has over 1,200 employees in 22 locations worldwide.
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CVC funds seek to identify attractive investments and then develop sustainable, long-term value in partnership with management teams.