CVC Capital To Buy ConvergEx Group

Jul 20 2011 | 12:32pm ET

CVC Capital Partners has reached an all-cash deal (worth a rumored $1.9 billion) to buy trading software company ConvergEx Group.

Bank of New York Mellon, which had owned about one-third of ConvergEx, will remain a minority shareholder as CVC becomes the largest owner of the group of companies. The existing ConvergEx management team, led by Chairman and CEO Joseph Velli, will remain substantial shareholders and continue to manage the company.

The $1.9 billion price tag comes from Bloomberg, which cited a person “with knowledge of the situation.”

ConvergEx was originally formed in 2006 by combining the assets of BNY Mellon and Eze Castle Software. Since its formation, the company has expanded through a series of strategic acquisitions and organic growth. Today, its products and services include proprietary technologies for every stage of the investment life cycle across multiple asset classes. The company has over 1,200 employees in 22 locations worldwide and partners with more than 4,000 customers accessing over 100 global markets.
 
“ConvergEx is thrilled to have CVC join us as our majority investor and our new partner as we continue to build our world-class technology company,” said Velli in a statement.  “We are also very pleased to be continuing our long-standing and highly productive relationship with BNY Mellon. Together, along with the ConvergEx management team, we see tremendous opportunities in our company’s future and we are fully committed to growing our business even further.”
 


In Depth

Q&A: Quad Advisors’ Borish Is Looking For Real Traders, Not Index Huggers

Aug 20 2014 | 1:43pm ET

Peter Borish, who served as founding partner and director of research at Tudor Investment...

Lifestyle

Viking Manager In Rent Dispute

Aug 11 2014 | 4:14am ET

A hedge fund manager is demanding most of his money back from his former landlord...

Guest Contributor

Majority Of Inflows Go To Brand Name Hedge Funds

Aug 12 2014 | 9:00am ET

Since the market correction of 2008, a vast majority of hedge fund net asset flows...

 

Editor's Note

 

Futures Magazine

PREVIEW July/August 2014 Cover

Inside Futures' 500th Issue

The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.

The Alpha Pages

TAP July/August 2014 Cover

Real talk on alternative investments, business & finance

The Alpha Pages Editor's Note