Alveo is changing hands again after reaching a definitive agreement to receive a majority investment from Symphony Technology Group (STG), a private equity partner to companies in data, software, and analytics. Alveo expects the STG investment to accelerate roll out of new products, further developing its managed data services and Data-as-a-Service offerings.
The STG investment coincides with the previous majority holder of Alveo, Sovereign Capital Partners, selling its stake after backing the MBO of Alveo (then Asset Control), led by CEO Mark Hepsworth, in September 2018. Sovereign worked with Alveo to strengthen the management team with the appointments of a new CFO, CTO, and non-executive chairman. It also helped the company’s transformation to a cloud-based data management platform. Sovereign acquired its majority stake in Alveo from Marlin Equity Partners.
“Sovereign has been a highly supportive investor financially and strategically. Together we have been able to deliver on a shared vision for the group,” says Hepsworth. “Our partnership unlocked significant investment to reposition and accelerate the growth of the business, culminating in its rebrand to Alveo in December 2020. In particular, we have focused on moving Alveo natively to the cloud, rolling out a range of new managed services and improving business user productivity across financial institutions. Going forward, we are partnering with STG to deliver on the next phase of our strategy and continuing to focus on further enhancing our products and services. STG have strong experience in this segment.”
From an STG perspective, managing director, Marc Bala, says: “The increasing quantum of data feeds and evolution of regulatory requirements drives a need for modern, cloud-hosted solutions. Through its recent investments in technology and products, Alveo is well positioned to capitalise on these trends and we will continue to support further product innovation as financial institutions navigate growing data processing requirements and a complex regulatory environment.”
Alveo serves a global footprint of blue-chip financial institutions, including investment banks, asset managers, and market infrastructure institutions, with customers across 18 countries and operations in London, the Netherlands, Singapore and New York.
Closing of the transaction is subject to customary closing conditions.
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