ERM.L Share News (ERM)

(Sharecast News) - Euromoney Institutional Investor has announced the acquisition of data-driven intelligence provider Wealth-X for $20.4m in cash.
Wealth-X, which provides intelligence on the world's wealthiest individuals, is expected to deliver a revenue compound annual growth rate of 13% for the three years to 31 December 2019. Unaudited revenue and pro forma earnings before interest, tax, depreciation and amortisation for the year are expected to be $12.7m and $0.8m respectively. The company's revenues are derived mainly from selling subscriptions which have high renewal rates.

Euromoney said Wealth-X is "highly complementary" to BoardEx, an executive profiling and relationship mapping business it bought in February.

Jeff Davis, chief executive officer of financial & professional services at Euromoney, 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 a leading brand, providing workflow solutions and must-have information to the fast-growing Wealth Management market, as well as luxury and non-profit sectors. 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."