ITRS Group

ITRS Sells to Carlyle

On 26 September 2011 we announced the acquisition of ITRS Group by the Carlyle Europe Technology Partners. This is exciting news for ITRS clients, helping us to grow the business at a rate unachievable alone.

Strategic agenda for growth

The acquisition is in partnership with the founders of ITRS, Stephen Bates and Misha Kipnis, who will remain closely involved with the business, serving respectively as non-executive chairman and board director; as well as advisors to the management team led by me. Ultimately, the Carlyle Group investment provides ITRS with improved financial stability and gives us the ability to deliver on a strategic agenda for growth.

We are confident that this acquisition will support the expansion of the business and maintain the award-winning level of commitment to product development. It will also ensure that we maintain the highest standards of service and client support, which are key to the ongoing success of ITRS.

Positive news for all stakeholders

I can assure you that the new shareholders are fully committed to the continued investment in the Geneos product line. We will remain focused on improving our offering to the client base and plan to build on the existing partnerships with Thomson Reuters and NYSE.

In terms of the transaction structure, the Carlyle Group has acquired a majority shareholding in ITRS Group, with all existing shareholders selling a pro-rata portion of their shares.

We see the investment as a strong endorsement from Carlyle, which should be received as positive news for all stakeholders.

With this support we will continue to expand and diversify our offering. Our goal is to maintain our position as the leading provider of management and monitoring technology to the global financial markets.

Kevin Covington
ITRS CEO 

Kevin Covington, ITRS CEO and Fernando Chueca, Director in Carlyle’s European Technology Partners team (CETP)

About the Carlyle group

The Carlyle Group is a global alternative asset manager with approximately $153bn of assets under management across 86 funds and 49 fund of fund vehicles (as of 30 June 2011). It employs more than 1,100 people in 34 offices across six continents.

Fernando Chueca, Director in Carlyle’s European Technology Partners team (CETP), said: “As financial firms are increasingly challenged by the growing cost and complexity of running high-performance trading infrastructures, and facing the increased regulatory pressure to manage the operational risk of potential systems outages, ITRS is emerging as a truly best-of-breed solution provider for realtime application and infrastructure monitoring. We have been particularly impressed by the high quality of the Geneos platform and the talented management team, and look forward to supporting the continued growth of ITRS.”