BOSTON--(BUSINESS WIRE)--Charles River Development, provider of the Charles River Investment Management Solution (Charles River IMS), announced today a definitive agreement to be acquired by State Street Corporation (NYSE: STT). The acquisition, which is subject to regulatory approvals and customary closing conditions, is expected to be completed in the fourth quarter of 2018.
The acquisition will combine Charles River’s front and middle office Software as a Service (SaaS) capabilities with State Street’s extensive front, middle and back office capabilities to deliver a comprehensive end-to-end interoperable Buy-Side platform.
“The synergy between our firms provides the market with a major new differentiating offering that will change the way the buy side operates,” said Peter Lambertus, CEO of Charles River. “State Street’s commitment to investment in R&D is also a big plus. In today’s SaaS technology environment, Charles River’s hosted platform provides for up-to-date software, data provisioning, management, open integration and optimal operations which relieves clients of the cost and burden of on-premises operations. These SaaS capabilities will play a major role in the overall end-to-end offering.”
The platform integration capabilities will allow clients to use different supplier components and services as desired. Charles River will remain committed to supporting its clients as it does today while offering the extended end-to-end capabilities.
About Charles River
Institutional, wealth, asset owner and alternative investment firms use the Charles River IMS to manage more than $25 Trillion in assets. The major components of the Charles River IMS include portfolio decision support, order management, trading, compliance, post-trade settlement, IBOR, performance measurement/attribution, risk, collateral management, data provisioning, data management and others.
Headquartered in Burlington, Massachusetts, Charles River supports over 300 clients in more than 40 countries with 750 employees in 11 regional offices. For more information, please visit www.crd.com.
About State Street Corporation
State Street Corporation (NYSE:STT) is the world's leading provider of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $33.9 trillion in assets under custody and administration and $2.7 trillion* in assets under management as of June 30, 2018, State Street operates globally in more than 100 geographic markets and employs over 38,000 worldwide. For more information, visit State Street's website at www.statestreet.com/platformforgrowth.
* Assets under management include the assets of the SPDR® Gold ETF and the SPDR® Long Dollar Gold Trust ETF (approximately $33 billion as of June 30, 2018), for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.