Confluence Completes StatPro Integration, With Cloud Push on Horizon

Confluence, headquartered in Pittsburgh, has completed the initial tech integration of London-based StatPro, which it acquired last October. Next up for the combined entity—which will operate under the Confluence moniker—will be an expansion of its offerings and client base in three targeted areas: risk analytics, performance measurement, and regulatory reporting.

But the larger goal, says Todd Moyer, Confluence president and chief operating officer, is to become a fully cloud-native and cloud-enabled platform leveraging microservices and open-architecture technology as key components of its technology stack.

“I think the biggest change you’ll see from Confluence going forward is that, to us, it’s about ease of access to our technology,” Moyer says. “If you’re dealing with legacy solutions that have heavy installs and a lot of need for human involvement, we feel like that will accelerate the necessity to move everything into a truly cloud-native platform.”

Revolution, which was StatPro’s flagship SaaS-based performance and risk measurement platform, is central to Confluence’s roadmap. It acts as a wrapper for the other acquired business units from StatPro, which include Milan-based ECPI, an ESG research and index business; InfoVest, a South African software provider specializing in data warehouse, ETL, and reporting software; advanced-risk-metrics specialist Investor Analytics; and fixed-income-analytics service provider UBS Delta. For now, Confluence has decided not to sunset any of either of the companies’ components. However, it may decide to wind down certain legacy apps as it pursues its broader cloud and microservice strategies.

Moyer adds that in talking to the market, at least initially, the company will take a bit of a different route than StatPro’s history of continually releasing new product features and enhancements. 

The last nine months since the acquisition was announced have also seen “very limited” redundancies, Moyer says, which did not affect technology, IT, or client-facing roles. Technologists and developers have been kept in place, while some client-facing roles have been added over throughout the integration process.

However, some members of legacy StatPro senior management have voluntarily moved on from the company, such as founder and long-time CEO, Justin Wheatley. After 25 years as chief executive, Wheatley left StatPro in December 2019, shortly after the acquisition was announced. Since then, he has become a part-time director at Limina Financial Systems and a non-executive board member at Vesti.ai.

While Confluence has not been overly active in the M&A space—its previous acquisitions were Data Agent in 2013 and Orfival in 2014—Moyer hints that could change.

“I think you could keep your eyes open relative to also growing inorganically for Confluence going forward,” Moyer says. “Not only are we investing in our own development, but [we] continue to be very active in looking at what other opportunities fit into our ecosystem and how we intend to continue to build that out through acquisitions.”