BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Euromoney Institutional Investor plc (ERM.L) announced the acquisition of 100% of Wealth-X Pte. Ltd., a provider of data-driven intelligence on the world's wealthiest individuals. The company will pay $20.4 million in cash for the acquisition. Wealth-X is complementary to BoardEx, an executive profiling and relationship mapping business acquired by Euromoney in February 2019.
Wealth-X is anticipated to deliver a revenue CAGR of 13 percent for the 3 years to 31 December 2019. Unaudited revenue and pro forma EBITDA for fiscal 2019 is expected to be $12.7 million and $0.8 million respectively. Euromoney expects the acquisition to enhance group revenue growth and be earnings accretive in the current financial year and deliver a ROI above its WACC in the first full financial year.
Jeff Davis, CEO, Financial & Professional Services, 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.'
Copyright RTT News/dpa-AFX