(Alliance News) - Euromoney Institutional Investor PLC on Monday said it has agreed to buy New-York based relationship-mapping data provider Relationship Science for USD7.4 million.
The London-based business-to-business financial information provider and events organiser said it bought RelSci to expand its People Intelligence arm.
RelSci is a subscription-based networking tool that provides corporations, financial institutions and not-for-profit organisations with a database of over 9 million business and management professionals profiles. It generated sales of USD8.3 million in 2020.
The acquisition is another in a series aimed at building Euromoney's position in the "people and wealth intelligence markets". Euromoney bought Bethesda, Maryland-based WealthEngine Inc for USD14.5 million back in December, adding this to previous purchases of BoardEx and Wealth-X in and 2018 and 2019, respectively.
"RelSci's broader coverage and strong relationship-mapping product technology, when combined with the deeper, more granular data provided by BoardEx will significantly expand the number of use-cases served by our People Intelligence business and add further value to our clients," Euromoney said on Monday. "Following integration with the group and further investment the acquisition is expected to deliver accelerated growth over the medium-term."
Chief Executive James Lavell commented: "The acquisition of RelSci is another highly complementary addition to the group and demonstrates our continued focus on building scale in our 3.0 People Intelligence business."
Euromoney Institutional Investor shares were trading down 0.2% at 1,016.00 pence each in London on Monday.
By Scarlett Butler; scarlettbutler@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
