Technical solutions provider Confluence Technologies Inc. announced the acquisition of New York-based Compliance Solutions Strategies (CSS), an international regulatory software company for financial services firms that aims to ensure regulatory compliance.
The acquisition for Confluence, based in Pittsburgh, marks the latest deal for the company in recent days following its Nov. 3 announcement to acquire Investment Metrics, an investment data solutions company, for $500 million.
Confluence declined to disclose the financial terms of its deal to acquire CSS.
In an email statement, Confluence's VP of Global Market Strategy Gary Casagrande said that both deals will help the company execute its strategy of providing solutions for the global investment management industry.
"These two deals are examples of the types of acquisitions that we are willing to make in addition to making investment to grow and build solutions organically," Casagrande said. "We are better and our clients are better when we can provide more best-of-breed solutions along the investment lifecycle to help them solve their data challenges and drive operational efficiency and scale."
Following the completion of both deals, Casagrande said Confluence's global workforce count will go from its current level of about 450 employees to more than 850 employees.
"We are excited to join forces with Confluence to create an unmatched regulatory compliance platform of scale, resilience, and global reach," Doug Morgan, CEO of CSS, said in a release. "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."
Confluence is backed in funding by Clearlake Capital Group LP and TA Associates, though Clearlake announced in June that it would acquire TA's stake in the Pittsburgh-based company.
A previous version of this story incorrectly listed the current and expected employee count numbers for Confluence Technologies Inc. The acquisition will now nearly double its workforce instead of close to tripling it as was previously reported.
