JPMorgan to buy stock plan software company Global Shares

JPMorgan Chase & Co. on Tuesday agreed to buy Global Shares, a provider of cloud-based software for managing employee stock plans, as the largest U.S. bank buys companies to fend off competition.

Global Shares will be integrated into JPMorgan’s asset and wealth management arm, headed by Mary Erdoes, the bank said in a statement Tuesday. The Cork, Ireland-based software company has nearly $200 billion in assets under administration, more than 650,000 participating employees and around 600 enterprise customers. Terms of the transaction were not disclosed.

The acquisition will expand JPMorgan’s ability to provide “innovative new capabilities to private and public companies” and help their employees manage their wealth, Erdoes said in the statement.

JPMorgan has been on a buying spree: 2021 has been its busiest year for buying and investing in small businesses since at least the financial crisis. General Manager Jamie Dimon described a landscape full of competitive threats and he pledged to spend whatever it takes to stay ahead. That point was punctuated in January when company executives told investors they expected spending to rise this year.

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“Over the past few years, across the business, Jamie’s has been very focused on expanding the services we provide to customers and continuing to strengthen our franchises,” said Mike Camacho, Chief wealth management solutions at JPMorgan. a meeting. “When those opportunities arise, the company really wants to make sure we pursue them aggressively enough.”

In addition to Ireland, Global Shares operates in 16 locations in North America, Europe, the Middle East, Africa and the Asia-Pacific region.

His deal with JPMorgan began to materialize as Global Shares embarked on a fundraising round last year, with Erdoes and other JPMorgan executives traveling to Ireland to work out details, according to Camacho and the CEO of Global Shares. , Tim Houstoun.

“The largest market for our product is in the United States, and with JPMorgan’s brand and network, we expect to expand penetration significantly,” Houstoun said in an interview.

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