(Alliance News) - Publishing and events company Euromoney Institutional Investor PLC on Monday said it has bought data provider Wealth-X Pte Ltd for USD20.4 million in cash.
The FTSE 250 listed London-based company said Wealth-X will be complementary to BoardEx, a executive profiling and relationship mapping business acquired by Euromoney in February.
Wealth-X provides data and information about the world's wealthiest individuals and its database is embedded in the workflow of banks, wealth managers, luxury brands and non-profit customers.
For 2019, Wealth-X is expected to deliver revenue and earnings perform interest, taxes, depreciation and amortisation of USD12.7 million and USD800,000, respectively.
The acquisition is expected to enhance revenue growth and be earnings accretive for Euromoney in its current financial year.
Jeff Davis, chief executive of Euromoney's Financial & Professional Services unit, said: "The acquisition of Wealth-X is a great addition to Euromoney's portfolio and supports our strategy to evolve towards a 3.0 information services business. Wealth-X is highly complementary to our existing portfolio and along with BoardEx, it will create further scale within our People Intelligence offering and accelerates the growth of both businesses."
Euromoney Institutional Investor shares were down 0.5% at 1,271.10 pence each on Monday morning.
By Tapan Panchal; tapanpanchal@alliancenews.com
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