|By PR Newswire||
|January 23, 2013 09:31 AM EST||
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.
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
SOURCE ConvergEx Group
Everyone wants to use containers, but monitoring containers is hard. New ephemeral architecture introduces new challenges in how monitoring tools need to monitor and visualize containers, so your team can make sense of everything. In his session at @DevOpsSummit, David Gildeh, co-founder and CEO of Outlyer, will go through the challenges and show there is light at the end of the tunnel if you use the right tools and understand what you need to be monitoring to successfully use containers in your...
Apr. 27, 2017 03:15 AM EDT Reads: 2,116
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Apr. 27, 2017 03:15 AM EDT Reads: 5,953
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Apr. 27, 2017 03:15 AM EDT Reads: 1,152
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Apr. 27, 2017 02:30 AM EDT Reads: 1,448
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
Apr. 27, 2017 02:15 AM EDT Reads: 820
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 will examine how DevOps helps to meet th...
Apr. 27, 2017 01:15 AM EDT Reads: 1,489
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Apr. 27, 2017 12:45 AM EDT Reads: 606
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
Apr. 27, 2017 12:00 AM EDT Reads: 712
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
Apr. 27, 2017 12:00 AM EDT Reads: 9,121
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Apr. 26, 2017 11:15 PM EDT Reads: 2,251
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Apr. 26, 2017 11:15 PM EDT Reads: 1,334
Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the USA and Europe, we work with a variety of customers from emerging startups to Fortune 1000 companies.
Apr. 26, 2017 11:00 PM EDT Reads: 2,382
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Apr. 26, 2017 10:45 PM EDT Reads: 2,407
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Apr. 26, 2017 10:45 PM EDT Reads: 724
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
Apr. 26, 2017 10:15 PM EDT Reads: 1,984