Global Shares to keep Clon headquarters despite sale

THE Clonakilty-based fintech company Global Shares is to be acquired by JP Morgan Chase for a reported half-a-billion dollars.

Global Shares – which specialises in employee equity and share ownership processes – has its headquarters at the West Cork Technology Park.

The deal – the terms of which have not been disclosed – is subject to regulatory approvals and the transaction is expected to close in the second half of 2022.

The company said the acquisition will ‘bolster the range of services offered to corporate clients and creates a new client acquisition channel for JP Morgan’s wealth management businesses.’

Founded in 2005, Global Shares has an expansive client base of over 600 corporate clients that range from early-stage start-ups to mature multinational public corporations. The firm has nearly $200bn in assets under administration across 650,000 corporate employee participants.

It operates with a team of more than 600 employees headquartered in Clonakilty and 16 further locations across Europe, the Middle East, Africa, North America and Asia Pacific.

Since July 2018, Global Shares has been partnered with specialist fintech investor, Motive Partners.

Local Fine Gael Cllr John O’Sullivan said the company is a local success story and the magnitude of the deal ‘signifies what can be accomplished’ in West Cork.

‘Seeing a West Cork-headquartered company being acquired by a world-renowned company illustrates the diverse skillset the people of West Cork can offer,’ he told The Southern Star.

‘This is a huge vote of confidence in rural Ireland and highlights that leading edge technology and fintech entrepreneurs can thrive outside big cities.’

Cllr O’Sullivan said he was now calling on the country’s Industrial Development Authority to encourage more foreign direct investing firms to locate in West Cork.

The Fine Gael councillor also sounded a warning note. ‘It is critical,’ he added, ‘that JP Morgan will confirm that the jobs will be secured in West Cork.

‘It is very important that they remain loyal to the foundation upon which Global Shares was built – the town of Clonakilty and people of West Cork – and commit to maintaining the important and welcome employment in West Cork for decades to come.’

A source at Global Shares confirmed to The Southern Star that the headquarters of Global Shares will remain in Clonakilty.

‘Not only are the jobs safe,’ the source added, ‘the announcement will result in even greater opportunities as part of the multinational organisation that is JPMorgan.’

In a statement, company head Tim Houstoun said: ‘We are tremendously excited to partner with JP Morgan and to continue on our journey of being a leading player in equity incentive services. This is a great news for both our clients and all of our employees,’ he said.

A statement issued on behalf of the company said: ‘Over time, JP Morgan will integrate Global Shares into its asset and wealth management line of business, supporting the next phase of Global Shares’ growth agenda.’ It added: ‘The company will remain headquartered in Cork.’