TPG Buys Eze Castle Software, RealTick

TPG is buying Eze Castle Software, a provider of order management and related investment technologies, and RealTick, a multi-broker, cross-asset electronic execution platform. The seller is ConvergEx Group. Financial terms of the all-cash deal were not disclosed.

PRESS RELEASE
TPG has signed a definitive agreement to acquire Eze Castle Software, a premier provider of global order management and related investment technologies, and RealTick, a leading multi-broker, cross-asset electronic execution platform, from ConvergEx Group. This all cash transaction is expected to close in Q1 or Q2 of 2013. Financial terms were not disclosed. The newly formed company will be called Eze Software Group. Following the close of the transaction, Eze Software Group will acquire Tradar, a supplier of portfolio management and accounting solutions.

Eze Software Group will bring together the comprehensive, industry-leading product offerings and global market expertise of Eze Castle Software, RealTick, and Tradar into a single platform, for a seamless workflow from front to back office. The combined suite and services architecture will enable investment firms to utilize the full range of products or to select single functional components.

Tom Gavin, chief executive officer of Eze Castle Software and head of ConvergEx’s Software Platforms, will lead the new company along with the existing management teams from Eze Castle Software, RealTick, and Tradar.

“Eze Software Group will bring together the global expertise of three industry-leading products,” said Bryan Taylor, partner at TPG. “The new company is now uniquely positioned to focus on its specialized product offerings for the front, middle, and back offices. The collective management team has a long history of success in this space and we look forward to partnering with them to continue developing innovative technology solutions for investment managers.”

“We are thrilled to partner with TPG in launching Eze Software Group,” said Tom Gavin, CEO of Eze Software Group. “Through this partnership with TPG, and with the addition of Tradar, we are able to accelerate our vision of building a world-class investment management solution and to meet the market demand for a more streamlined workflow across the investment lifecycle. We are excited to offer our clients a single, fully integrated platform, while remaining committed to our philosophy of also delivering an open, vendor-neutral platform. Eze Castle Software and RealTick have enjoyed substantial growth as subsidiaries of ConvergEx, and our ties will remain strong going forward. We look forward to maintaining a partnership that will benefit both firms and our clients.”

The parties have entered into a marketing agreement, which will ensure that services from both firms will continue to be offered on an integrated basis.

“As part of ConvergEx Group, Eze and RealTick realized a tremendous amount of growth and success,” said ConvergEx Chairman and Chief Executive Officer Joseph M. Velli. “As they move forward towards their next chapter, we are excited to continue our mutually beneficial relationship for the advantage of all our clients. We wish all our friends at Eze and RealTick the very best.”

Upon its launch, Eze Software Group will be a premier provider of global investment technology to support the front, middle, and back office. The new company will have a combined 700 employees in 12 offices worldwide and will serve more than 1400+ global buy-side institutions across North and South America, EMEA, and Asia Pacific including hedge funds, traditional asset managers, pension funds, ERISA, and mutual funds.

About TPG
TPG is a leading global private investment firm founded in 1992, with more than $54.5 billion of assets under management and offices in San Francisco, Fort Worth, Austin, Beijing, Chongqing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, São Paulo, Shanghai, Singapore and Tokyo. TPG Capital has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. The firm has extensive technology expertise with investments that have included Alltel, FIS, Hotwire, IMS Health, Intergraph, Lenovo, LPS, MEMC, Sabre Holdings, Seagate Technology, SunGard and Vertafore.

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