Clearlake Capital Buys Confluence Technologies

Santa Monica-based private equity investor Clearlake Capital said this morning that it is acquiring Confluence Technologies, a developer of software which is used by the investment industry to automate business processes at asset managers and service providers. Financial details of the acquisition were not announced. Confluence Technologies was owned by another private equity investor, TA Associates. According to Clearlake, it will become the majority shareholder while TA will retain a minority equity stake. Confluence Technologies will continue to be led by current CEO Mark Evans.