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State Street to Acquire Charles River Development

State Street Corporation announced that it has entered into a definitive agreement to acquire Charles River Systems, Inc. (Charles River Development), a provider of investment management front office tools and solutions. Under the terms of the agreement, State Street will purchase Charles River Development in an all cash transaction for $2.6 billion. The acquisition, which is subject to regulatory approvals and customary closing conditions, is expected to be completed in the fourth quarter of 2018. When integrated with State Street’s existing front, middle and back office capabilities, Charles River Development’s front-office systems will enable State Street to deliver a global front-to-back platform for asset managers and asset owners. Charles River Development is a privately held company headquartered in Burlington, Massachusetts with offices in North America, Europe and the Asia-Pacific region. With total revenues of more than $300 million in 2017, its primary focus is providing solutions that automate front and middle office investment management functions across asset classes on a single platform. Charles River Development serves more than 300 clients across institutional, wealth, asset owner and alternative market segments, including 49 of the top 100 asset managers that in aggregate have more than $25 trillion in assets under management.