(Alliance News) - Euromoney Institutional Investor PLC on Tuesday said it has acquired US-based software-as-a-service platform WealthEngine Inc for USD14.5 million.
WealthEngine is a workflow tool that provides data-driven intelligence and predictive analytics to wealth managers, luxury brands and not-for-profit organisations.
The London-based business-to-business information services provider will add Bethesda, Maryland-based WealthEngine to its People Intelligence businesses, which already comprises Wealth-X and BoardEx.
WealthEngine's annual contracted value of subscriptions and pro-forma earnings before interest, tax, depreciation and amortisation for 2020 are expected to be USD15.0 million and USD2.0 million, respectively.
Euromoney said the acquisition is expected to enhance the operating profit margin of its People Intelligence business and deliver accelerated growth over the medium-term. As a result, the acquisition is expected to be earnings accretive for Euromoney as a whole, it noted.
Chief Executive James Lavell said: "The acquisition of WealthEngine is a great addition to the group and supports our strategy by adding further scale to our 3.0 People Intelligence business. It brings leading technology, workflow solutions and mustâ€have data, which, when combined with Wealth-X and BoardEx, will enhance significantly the value we provide customers."
Shares in Euromoney were up 0.8% at 1,042.00 pence in London on Tuesday.
By Zoe Wickens; zoewickens@alliancenews.com
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