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By Pamela Barbaglia
LONDON, Nov 25 (Reuters) - Euromoney agreed on
Monday to buy specialist news and data firm Wealth-X for $20.4
million in cash to expand its portfolio of business-to-business
information providers.
Wealth-X focuses on the world's wealthiest individuals,
providing data-driven intelligence to banks, wealth managers,
luxury brands and non-profit organisations among others.
Founded in 2010, Wealth-X reported revenues of $12.7 million
in its last financial year with core earnings of $800,000. It
has offices across North America, Europe and Asia, and relies on
high renewal subscription rates.
Euromoney said the deal would boost earnings in its current
financial year, adding the purchase price represented a multiple
of 1.6 times Wealth-X's revenue and 25.6 times its core earnings
for its last fiscal year.
London-based Euromoney aims to extract synergies between
Wealth-X and BoardEx, an executive profiling and relationship
mapping platform which was recently bought from parent company
TheStreet along with The Deal.
Both products share complementary technologies, being
directly integrated into their clients' customer relationship
management (CRM) systems.
At 0820 GMT, Euromoney shares were up 0.2% at 1,280 pence.
(Reporting by Pamela Barbaglia; Editing by Jason Neely and Mark
Potter)
