Private equity company Clearlake Capital is considering the sale of Confluence Technologies, a US-based software and data management provider, reported Reuters citing sources.   

The deal expected to value the company at over $3bn, including debt.  

Investment banks Morgan Stanley and Centerview Partners are advising on the sale process, the sources said, adding that a transaction is not guaranteed. 

Clearlake Capital and Centerview Partners declined to comment on the matter, the publication said. 

Requests for comments from Morgan Stanley and Confluence did not elicit responses, it added.  

Confluence is engaged in providing solutions for automating business processes for asset managers.  

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With more than 900 employees spread across 15 offices, the company serves in excess of 1,000 clients in more than 40 countries.  

Founded in 1991 by CEO Mark Evans, Confluence has been under the majority ownership of Clearlake since 2021, following a previous investment by TA Associates in 2018. 

Under Clearlake’s ownership, Confluence has expanded through acquisitions, including a $500m purchase of Investment Metrics and the acquisition of Compliance Solutions Strategies, enhancing its regulatory reporting capabilities.  

These acquisitions have contributed to an increase in Confluence’s earnings. 

If Confluence is sold for the anticipated $3bn, this would represent approximately ten times the company’s annual revenue, according to sources familiar with the matter.  

This news follows the May 2024 announcement of a definitive agreement between Synopsys, Clearlake, and Francisco Partners for the $2.1bn sale of Synopsys’ Software Integrity Group business, which will form a new independent application security testing software provider. 

With the deal, chip designer Synopsys hopes to increase its focus on growing its core design automation and design intellectual property businesses as well as speeding up its silicon to systems strategy.