German financial information services firm vwd has acquired market data provider Tijd Nederland (TBM) from Belgian media group Mediafim in a deal worth around EUR7 million.
Vwd says the acquisition includes TBM subsidiaries in Amsterdam, Brussels and Paris.
TBM provides financial markets data to around 7000 customers, including banks, asset managers, the media and private investors in the Benelux countries. The vendor supplies market data systems for professional users in the retail and private banking sector and offers real-time information delivery to private customers.
TBM employs 45 people and reported a turnover of about EUR6.7 million in 2007. VWD says it expects the deal to increase its turnover by approximately 10% for the 2008 financial year and positively contribute to earnings.
In a statement vwd says the acquisition will help it to expand into the Netherlands, Belgium and "the French speaking areas".
"With the takeover of such a successful provider of financial market data, we will continue to make rapid progress in our expansion course," says Edmund Keferstein, CEO, vwd group.