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JP Morgan will integrate Global Shares into its asset and wealth management line of business but the company will remain headquartered in Clonakilty.
Investment banking giant JP Morgan has agreed to acquire Cork-headquartered fintech Global Shares as part of its efforts to improve the range of services it offers corporate clients.
Terms of the deal have not been disclosed. It is expected to close in the second half of this year, subject to regulatory approvals and closing. The move will create a new client acquisition channel for JP Morgan’s wealth management businesses.
Global Shares provides share plan management software through the cloud to more than 600 corporate clients ranging from early-stage start-ups to mature multinational public corporations.
Over time, JP Morgan will integrate Global Shares into its asset and wealth management line of business. Global Shares will remain headquartered in Clonakilty, Co Cork.
Founded in 2005, Global Shares has been partnered with specialist fintech investor Motive Partners since July 2018. The company has almost $200bn in assets under administration across 650,000 corporate employee participants.
“We are tremendously excited to partner with JP Morgan 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,” said Tim Houstoun, CEO, Global Shares.
It has a total employee headcount of more than 600 staff across its locations in Europe, the Middle East and Africa, North America and Asia Pacific.
The company has been a prolific hirer, announcing last September that it would create 200 new roles by the end of 2022. While not all of those roles were based in its Cork offices, the company held another recruitment drive in September 2020.
Last November, Global Shares scooped the top prize at the 2021 Irish Technology Awards, when it won Company of the Year.
“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,” said Michael Camacho, CEO of JP Morgan’s wealth management solutions division.
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