(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."
21 Nov 2019 16:05