Centerbridge Partners has closed its previously announced buy of IPC Systems, a Jersey City, New Jersey-based provider of network services and trading communication technology for the financial markets. No financial terms were disclosed although previous reports said the price of the transaction would be about $1.2 billion. The seller was Silver Lake Partners. Evercore and Goldman Sachs advised IPC while Barclays and Credit Suisse Securities (USA) LLC advised Centerbridge.
JERSEY CITY, N.J., Feb. 9, 2015 /PRNewswire/ — IPC Systems, Inc., a global provider of network services, trading communication technology and enhanced services to the financial markets community, today announced that affiliates of Centerbridge Partners, L.P., a leading private investment firm, have completed their acquisition of IPC from Silver Lake Partners. The acquisition was announced in December 2014.
IPC offers services and solutions for capital markets participants across all asset classes. From its unified communications and software platform to its industry leading data and voice extranet, IPC remains focused on improving the speed, productivity, collaboration, and efficiency of the entire trade lifecycle. IPC continues to accelerate its market segment leading position, fueled by the increased adoption of its integrated trading communications and application platform, Unigy®. The IPC Financial Markets Network is the leading choice for capital market participants enabling data and voice connectivity through its Network-as-a-Service (NaaS) offerings. Its suite of solutions addresses industry imperatives such as business continuity planning, network diversity and speed of execution. IPC Enhanced Services supports its customers’ trading communications environments and is committed to collaboration, service excellence and value.
“Last year was one of IPC’s best years on record and we are expanding on that momentum,” said Mr. Neil Barua, Chief Executive Officer of IPC. “Our focus remains on delivering products and services that contribute to our customers’ success. This unwavering commitment to our customers coupled with Centerbridge’s proven ability to drive long-term sustainable growth will further strengthen our global brand. We look forward to working together with our new owners.”
Mr. Jared Hendricks, Senior Managing Director at Centerbridge said, “IPC has a track record of innovation and success that has made it a valued strategic partner to the world’s most preeminent financial institutions. The Company is uniquely positioned to deliver tailored, state-of-the-art solutions to serve the complex needs of the financial services community. We are excited to support IPC and its management through the Company’s next phase of growth and innovation.”
IPC was advised by its financial advisors, Evercore and Goldman, Sachs & Co. and its legal advisor, Simpson Thacher & Bartlett LLP. Centerbridge was advised by its financial advisors, Barclays and Credit Suisse Securities (USA) LLC and its legal advisor, Weil, Gotshal & Manges LLP.
IPC is a global provider of mission-critical network services and trading communication technology to the financial markets community. With complete focus on this sector and over 40 years of expertise, IPC provides customers with integrated solutions that support traders and participants across the entire trade lifecycle including sell-side and buy-side financial institutions, inter-dealer brokers, liquidity venues, clearing and settlement firms, independent software vendors, corporate finance departments, financial information exchange providers and market data providers. IPC’s offerings include a unified communications/application platform, award-winning trading positions, managed voice and data connectivity solutions, compliance technologies, infrastructure management and a suite of enhanced service offerings. IPC’s global reach extends to more than 60 countries – including a network of 5,000 customer sites over 700 cities and an installed base of approximately 120,000 trading positions deployed worldwide. Headquartered in Jersey City, New Jersey, IPC has over 900 employees located throughout the Americas and the EMEA and Asia-Pacific regions. IPC’s mission is to continually innovate to support collaboration across the global financial community and address our clients’ needs in an ever-changing landscape. For more information, visit www.ipc.com.
About Centerbridge Partners, L.P.
Centerbridge Partners, L.P. is an investment management firm focused on private equity and distressed investment opportunities. As of December 2014, the Firm has approximately $25 billion in capital under management with offices in New York and London. The firm is dedicated to partnering with world-class management teams across targeted industry sectors to help companies achieve their operating and financial objectives.