Asset manager solutions provider Confluence Technologies has announced that it has agreed to acquire Compliance Solutions Strategies (CSS), a global RegtTech company that enables financial services firms to meet mandatory regulatory compliance requirements

Founded in 2017 and headquartered in New York, CSS offers clients a next-generation global RegTech platform underpinned by its proprietary Regulatory Book of Record (RBOR) data management solution.

This acquisition is hoped to advance Confluence’s strategy to expand its regulatory compliance offering and will create a unique and comprehensive cloud-based RegTech solution for the financial industry. With global coverage and SaaS solutions for enterprise risk, regulatory reporting, and compliance, the combined company will build on a culture of customer-centric innovation to better serve the asset management industry. The transaction is expected to close in the fourth quarter of 2021.

“Confluence is pleased to welcome CSS to the team as we look to deliver on our growth strategy. We have long respected their SaaS-based solutions and admire their depth of in-house regulatory expertise,” said Mark Evans, CEO of Confluence. “We see tremendous demand in this space as global regulators continue to refine and expand compliance and reporting obligations, furthering the need in the market for technology that streamlines operational efficiencies and drives scale. The CSS and Confluence offerings are highly complementary and together we will continue to deliver a truly innovative, end-to-end regulatory solution to our clients.”

“We are excited about Confluence’s acquisition of CSS and believe that it significantly enhances Confluence’s regulatory compliance capabilities,” said Behdad Eghbali, Founder and Managing Partner, and James Pade, Partner, of Clearlake. “With its second acquisition announced this month, Confluence is reshaping the investment management industry. Working alongside TA and the Confluence team, we will continue to look for opportunities to grow the business organically and through acquisitions, while optimizing its operations.”