Purchase of Cork business will make JP Morgan a major provider of employee ownership solutions.
JP Morgan has completed the acquisition of Clonakilty tech firm Global Shares.
In March JP Morgan signalled its intent to buy the business for an undisclosed sum, which reportedly was in the region of €665m.
“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”
Global Shares is one of a handful of companies globally that offers fully outsourced employee share plan management.
An employee-owned company, Global Shares last year revealed how it was seeking to increase its headcount from 370 currently to 1,000 by 2024.
A story of enterprising Cork spirit
Founded in 2005, Global Shares has an expansive client base of approximately 650 corporate clients that range from early-stage start-ups to mature multinational public corporations.
The firm has nearly $200bn in assets under administration across over 800,000 corporate employee participants. It operates with an experienced team of more than 600 employees and is headquartered in Cork, Ireland with 20 locations across Europe, the Middle East & Africa, North America, and Asia Pacific.
“We are tremendously excited to partner with JP Morgan and to continue on our journey of being a leading player in equity incentive services,” said Tim Houstoun, CEO, Global Shares, at the time of the acquisition in March.
“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. This is a great news for both our clients and all of our employees,” Houston added.