Friday, 22 May 2015
Last updated 2 hours ago
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.”
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…