ConvergEx plans $400m IPO

ConvergEx plans $400m IPO

US fintech vendor ConvergEx Group has filed with regulators to raise up to $400 million in an initial public offering, according to Reuters.

ConvergEx was formed in 2006 through the combination of individual Bank of New York securities business units with order management systems vendor Eze Castle Software.

The New York-based vendor provides software and services to the financial services industry, spanning the investment life cycle.

It plans to use some of the IPO proceeds to buy back units of ConvergEx Group from existing group members and to repay debt.

JP Morgan, Citi, Barclays Capital, Goldman Sachs are underwriters for the deal.

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