Private investment firm Centerbridge Partners, is to acquire IPC Systems from Silver Lake Partners for approximately USD1.2 billion in total deal value.
From its unified communications and software platform to its leading voice and data extranet and award-winning trading positions, IPC offers services and solutions focused on improving the speed, productivity, collaboration, and efficiency of the entire trade lifecycle. The partnership with Centerbridge further enables the Company to deliver these valued services to its customers and to capitalise on its growth opportunities. IPC continues to accelerate its market leading position, fuelled by the increased adoption of its integrated trading communications and application platform, Unigy, its expanding data and voice business and new enhanced services offerings.
“This transaction follows what has been one of IPC’s best years and will help accelerate our continued momentum,” says Neil Barua, Chief Executive Officer of IPC. “Centerbridge has a proven track record of driving long-term sustainable growth, and we look forward to building on our successes with our new owners. I want to thank all of our dedicated employees for their continued efforts in driving value creation. We are a trusted advisor to our customers and will continue to provide the industry-leading service and expertise they’ve come to expect from us.”
Jared Hendricks, Senior Managing Director of Centerbridge, says: “Having followed the Company for a number of years, we are excited to back IPC and its management team through its next phase of growth and development. IPC is uniquely positioned to deliver tailored, state-of-the-art solutions to serve the complex needs of the financial services community. We look forward to continuing to support IPC’s momentum.”
Greg Mondre, Managing Partner at Silver Lake, says: “The IPC team, led by former Silver Lake Operating Partner Neil Barua, has been instrumental to the Company’s recent impressive growth and has been an invaluable partner in achieving its leading market position. We look forward to IPC’s continued success and believe Centerbridge will be highly supportive owners.”
The transaction is expected to be completed in January 2015 following the satisfaction of customary closing conditions and approvals.
The company was advised in the transaction by Evercore and The Goldman Sachs Group, Inc. Centerbridge was advised by Barclays and Credit Suisse Securities (USA) LLC, who are also providing debt financing for the transaction.
