ConvergEx Acquires Commission Mgmt. Systems Provider

A Thursday news release said Cogent is a software development firm that specializes in advanced commission management systems for institutional money managers and broker?dealers. The deal is expected to close in the next several weeks. Terms of the transaction were not disclosed.

ConvergEx said the addition of Cogent’s technologies adds to the size, scale and scope of ConvergEx’s suite of commission management services and gives clients a solution to manage their trading and research commissions.

“This acquisition fulfills an integral part of our strategic vision and commitment to innovative technologies for a rapidly changing financial landscape,” said ConvergEx Chairman and Chief Executive Officer Joseph M. Velli, in the news release.

“As the commission management space evolves, demand is growing for a full?service solution that encompasses every aspect of the commission management process. Money managers are increasingly looking for an independent platform to simplify and manage their relationships with hundreds of brokers and third party research providers,” said John Meserve, executive managing director of ConvergEx.

Based in Summit, New Jersey, Cogent is led by founder Robin Hodgkins who will continue in his role as president of Cogent and will report to Meserve, according to the announcement.