Upon closing of the deal, JPMorgan will add Global Shares to its Asset & Wealth Management business, supporting Global Shares' growth plans
JPMorgan signs to acquire share plan management software firm Global Shares. (Credit: wynpnt from Pixabay)
US-based financial services firm JPMorgan has agreed to snap up Global Shares, a cloud-based provider of share plan management software, for an undisclosed sum.
Established in 2005 and headquartered in Cork, Ireland, Global Shares serves more than 600 corporate clients, ranging from early-stage start-ups to mature multinational public corporations.
The company has about $200bn in assets under administration across 650,000 corporate employee participants.
With more than 600 employees, Global Shares has 16 locations across Europe, the Middle East & Africa, North America, and the Asia Pacific.
The firm has been partnered with specialist fintech investor Motive Partners since July 2018.
JP Morgan Asset & Wealth Management CEO Mary Callahan Erdoes said: “The addition of Global Shares is complementary across our entire JPMorgan franchise from new client acquisition for our Global Private Bank and US Wealth Management businesses to providing new, innovative capabilities to private and public companies globally and helping their employees manage their wealth.”
Upon closing of the deal, JPMorgan will add Global Shares to its Asset & Wealth Management business, supporting Global Shares’ growth plans. Global Shares will continue to operate from its headquarters in Cork.
Global Shares CEO Tim Houstoun said: “We are tremendously excited to partner with JPMorgan and to continue on our journey of being a leading player in equity incentive services.
“Together, we will accelerate the expansion of our business globally as well as the range of services we offer to our clients and their employees.”
The deal is anticipated to close in the second half of this year, subject to regulatory approvals and closing.
JPMorgan Wealth Management Solutions CEO Michael Camacho said: “We are excited about the potential to partner with corporates globally and help to deliver a range of wealth management solutions to Global Shares’ equity plan participants.”
JPMorgan Securities served as a financial advisor and Freshfields Bruckhaus Deringer and McCann FitzGerald acted as legal counsel to the US-based lender on the transaction.
BofA Securities acted as a financial advisor and Proskauer Rose and Arthur Cox as legal counsel to Global Shares.