Santa Monica-based private equity firm Clearlake Capital has acquired a majority position in Confluence Technologies Inc. from TA Associates, a Boston-based private equity firm that has developed close ties with Clearlake.
Pittsburgh-based Confluence makes software used by the investment industry to automate business processes at asset managers and service providers.
Financial details of the acquisition were not disclosed. The transaction is expected to close in the third quarter. TA Associates will retain a minority position.
“Data management is critical for investment managers, which have come to rely on Confluence’s advanced software and data suite. We see an opportunity in this fragmented market to execute on our buy-and-build strategy and deliver value to customers and stakeholders,” Clearlake Capital Founder and Managing Partner Behdad Eghbali said in a statement.
Precisely, a global software company owned jointly by Clearlake Capital Group and TA Associates, acquired Bothell, Wash.-based software firm Winshuttle in early June.
Winshuttle was the second acquisition by the private equity firms since they took control of Precisely in March as part of a $3.5 billion transaction.
In May, Precisely bought Infogix Inc., a Naperville, Ill.-based data controls and analytics software company.
Founded in 2006, Clearlake’s core target sectors for investment include the industrial, energy and software industries.
Clearlake is ranked No. 5 on the Business Journal’s 2020 list of the largest private equity firms in Los Angeles. The firm has $39 billion of assets under management
TA Associates has raised $47.5 billion in capital since its founding in 1968.