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Benzinga
Benzinga
Business
Anusuya Lahiri

JPMorgan Agreed To Scoop This Irish Fintech - Read Why

JPM JPMorgan J.P. Morgan NYSE
  • JPMorgan Chase & Co (NYSE:JPM) agreed to acquire Global Shares. Global Shares is an Irish fintech firm whose software helps businesses manage employee stock plans.
  • The financial terms of the transaction remain undisclosed.
  • Founded in 2005, Global Shares manages ~$200 billion in assets, and over 600 clients use its cloud-based platform.
  • JPMorgan looks to integrate the company into its asset and wealth management business.
  • The transaction will likely close in the second half of 2022.
  • "The addition of Global Shares is complementary across our entire J.P. Morgan franchise from new client acquisition for our Global Private Bank and U.S. Wealth Management businesses to providing new, innovative capabilities to private and public companies globally and helping their employees manage their wealth," said Mary Callahan Erdoes, CEO, J.P. Morgan Asset & Wealth Management.
  • JPMorgan had over $843.40 billion in cash and equivalents (cash on hand + short-term investments) as of 31 December 2021.
  • Price Action: JPM shares traded higher by 1.77% at $132.47 on the last check Tuesday.
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