Welcome!

News Feed Item

ConvergEx Announces Definitive Agreement to Sell Eze Castle Software and RealTick Businesses to TPG

NEW YORK, Jan. 23, 2013 /PRNewswire/ -- ConvergEx Holdings, LLC, ("ConvergEx") today announced that it has signed a definitive agreement to sell its software platform business, consisting primarily of Eze Castle Software LLC and RealTick LLC, to an affiliate of TPG Capital. After the close of the transaction, Eze Castle Software and RealTick will operate under the name Eze Software Group and ConvergEx will continue to focus on and expand its remaining global execution, institutional brokerage and trading related businesses. 

"This transaction represents the beginning of a new chapter in ConvergEx's history," commented ConvergEx Chairman and Chief Executive Officer Joseph M. Velli.  "From the time that our company was formed, it has always been our strategy to grow and realize the value in our businesses. In the past year, we were approached by numerous parties and we carefully considered the option to divest these businesses. We moved forward with this transaction because it provides a great opportunity to create two optimal businesses, ConvergEx and Eze Software Group,which can each focus on their unique strengths and serve clients' needs.  This transaction will also allow ConvergEx to allocate resources to increase our position as a leader in technology-based global execution and trading products and services while also strengthening our financial position."

ConvergEx and Eze Software Group will maintain a close relationship after the close of the transaction. The parties have established a cooperative marketing agreement that will ensure that each firm's services will continue to be offered on an integrated basis. Each firm will also cross-sell the other company's services.

Both GTCR and BNY Mellon, founding shareholders of ConvergEx, remain committed to the long-term success of ConvergEx and will maintain their significant investments in the company.  

"ConvergEx has experienced tremendous growth since GTCR first invested in the company in 2006 and we are confident in the future of the business," said Collin Roche, principal of GTCR.

Dean Mihas, GTCR principal, added, "The strength of ConvergEx's team and service offerings positions the company well for the future."

After the transaction is complete, ConvergEx's corporate management team as well as senior management of its execution businesses will remain in place.  Mr. Gavin will lead Eze Software Group along with the existing management teams from Eze Castle Software and RealTick.  Following the close of the transaction, Eze Software Group will also complete its acquisition of Tradar, a supplier of portfolio management and accounting solutions.

"Working as one organization, our businesses enjoyed great success through innovation and collaboration. As ConvergEx and Eze Software Group embark on the next phase in their respective growth plans, we look forward to continuing our relationship in a way that is even more beneficial to ConvergEx, Eze Software Group, Tradar and all of our clients," said Tom Gavin, chief executive officer of Eze Castle Software. 

Goldman, Sachs & Co., J.P. Morgan Securities LLC, and Citigroup acted as financial advisors to ConvergEx. Kirkland & Ellis served as legal counsel. 

The deal is expected to close in the first or second quarter of 2013. Financial terms were not disclosed.

About ConvergEx
ConvergEx Group serves over 4,000 asset managers and financial intermediaries accessing over 100 global markets. The company offers an extensive array of solutions that support increased sophistication and operational efficiencies that help drive growth, address changing regulation and achieve performance goals. Formed in 2006, the firm has over 1,250 employees located in 23 cities throughout the Americas, Europe, Middle East, Africa and Asia-Pacific.

ConvergEx Group includes ConvergEx Execution Solutions LLC (member NYSE/FINRA/SIPC); LiquidPoint, LLC (member CBOE/SIPC); G-Trade Services LLC (member FINRA/SIPC); Westminster Research Associates LLC (member FINRA/SIPC); Eze Castle Transaction Services LLC (member FINRA/SIPC); ConvergEx Prime Services LLC (member FINRA/SIPC); Eze Castle Software LLC; RealTick LLC; ConvergEx Solutions LLC, of which ConnEx, Jaywalk and LDB are divisions; ConvergEx Limited in the UK and Australia; and ConvergEx Asia Pacific Limited in Hong Kong. ConvergEx Group, LLC is a subsidiary of ConvergEx Holdings, LLC.  Additional information is available at www.convergex.com.

Contact: Margaret Farrell
[email protected]
212.468.7708

SOURCE ConvergEx Group

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
When growing capacity and power in the data center, the architectural trade-offs between server scale-up vs. scale-out continue to be debated. Both approaches are valid: scale-out adds multiple, smaller servers running in a distributed computing model, while scale-up adds fewer, more powerful servers that are capable of running larger workloads. It’s worth noting that there are additional, unique advantages that scale-up architectures offer. One big advantage is large memory and compute capacity...
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
The Internet giants are fully embracing AI. All the services they offer to their customers are aimed at drawing a map of the world with the data they get. The AIs from these companies are used to build disruptive approaches that cannot be used by established enterprises, which are threatened by these disruptions. However, most leaders underestimate the effect this will have on their businesses. In his session at 21st Cloud Expo, Rene Buest, Director Market Research & Technology Evangelism at Ara...
"We are a monitoring company. We work with Salesforce, BBC, and quite a few other big logos. We basically provide monitoring for them, structure for their cloud services and we fit into the DevOps world" explained David Gildeh, Co-founder and CEO of Outlyer, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, paneli...
"When we talk about cloud without compromise what we're talking about is that when people think about 'I need the flexibility of the cloud' - it's the ability to create applications and run them in a cloud environment that's far more flexible,” explained Matthew Finnie, CTO of Interoute, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Join us at Cloud Expo June 6-8 to find out how to securely connect your cloud app to any cloud or on-premises data source – without complex firewall changes. More users are demanding access to on-premises data from their cloud applications. It’s no longer a “nice-to-have” but an important differentiator that drives competitive advantages. It’s the new “must have” in the hybrid era. Users want capabilities that give them a unified view of the data to get closer to customers and grow business. The...
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists loo...
"Loom is applying artificial intelligence and machine learning into the entire log analysis process, from start to finish and at the end you will get a human touch,” explained Sabo Taylor Diab, Vice President, Marketing at Loom Systems, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, highlighted the current challenges of these transformative technologies and shared strategies for preparing your organization for these changes. This “view from the top” outlined the latest trends and developments i...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.