New York – May 21, 2018 – Ipreo, a leading financial services solutions and data provider, today announced the signing of a definitive agreement to be acquired by IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and solutions. IHS Markit is acquiring the business from private equity funds managed by Blackstone (NYSE:BX) and by the Goldman Sachs Merchant Banking Division (“Goldman Sachs”), for $1.855 billion.
Scott Ganeles, Chief Executive Officer of Ipreo, said, “Our business has grown immensely under Blackstone and Goldman Sachs’ ownership, and we look forward to our next stage of expansion and innovation with IHS Markit. IHS Markit will be a tremendous partner as we continue to build on our position as a leading provider to global capital markets participants.”
Kevin Marcus, President and COO of Ipreo, said, “With the support of our sponsors, we’ve had a phenomenal four years of growth and game-changing new initiatives. IHS Markit is a great fit for us – in culture, market approach, and focus on customer service – and is a great home for us to continue our trajectory of success.”
Lance Uggla, chairman and CEO of IHS Markit, said, “Ipreo has an extremely strong brand in financial markets and its services are a logical and highly complementary extension to our financial services business and our customer base.” Uggla continued, adding, “Across multiple product lines, we will deliver a more comprehensive service that will allow clients to streamline their workflow and make quicker and better decisions.”
Since Blackstone and Goldman Sachs’ investment in 2014, Ipreo has grown its revenues by nearly 60 percent. The company completed three transformative acquisitions to form its fast-growing Private Capital Markets segment, launched several major new products including an expansion into the buyside, created blockchain and data related joint ventures, and significantly expanded its presence globally.
Martin Brand, a Senior Managing Director at Blackstone, said, “Since we invested in Ipreo, the company has been able to deliver rapid innovation and revenue growth, leading to substantial shareholder value creation. IHS Markit will be a synergistic partner for Ipreo, with a strong management team we have known for a long time. We look forward to continuing to work with IHS Markit to explore opportunities to partner in financial technology.”
Greg Blank, a Senior Managing Director at Blackstone, said, “We would like to thank Ipreo’s management team for their leadership over the course of our investment, and our partners Goldman Sachs Merchant Banking for their support of the company. Blackstone looks forward to maintaining a continued partnership and valued customer relationship through Ipreo together with IHS Markit in the future.”
Sumit Rajpal, Managing Director and co-head of global private equity in the Merchant Banking Division of Goldman Sachs, said, “We are delighted to have partnered with Ipreo over the past four years, and we wish them continued success and look forward to our ongoing relationship as a large customer of their services.”
Anthony Arnold, Managing Director at Goldman Sachs, said, “Under our ownership, Ipreo has made significant investments in building out their technology and product suite, especially their entry into the private capital markets space, which positions them well for continued growth.”
Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC acted as joint financial advisors, and Weil, Gotshal & Manges acted as legal counsel to Ipreo, Blackstone and Goldman Sachs Merchant Banking.
The acquisition is expected to close in the second half of 2018, subject to customary closing conditions and regulatory filings and approvals, including with the UK Financial Conduct Authority and under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Ipreo powers the networks that connect capital to ideas. We are a leading global provider of financial services technology, data and analytics, supporting all participants in the capital-raising process, including banks, public and private companies, institutional and individual investors, as well as research, asset management and wealth management firms. Our unique, cross-asset class solutions equip our clients with the information and tools they need for more effective decision-making and a more efficient workflow. Ipreo has nearly 2000 people serving clients in every major financial hub around the world. For more information, visit ipreo.com.
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with $450 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
About Goldman Sachs Merchant Banking Division
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division is the primary center for the firm’s long-term principal investing activity. With nine offices across seven countries, Goldman Sachs MBD is one of the leading private capital investors in the world with equity and credit investments across corporate, real estate, and infrastructure strategies. Since 1986, the group has invested approximately $180 billion of levered capital across a number of geographies, industries and transaction types.
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