IHS Markit is to acquire rival financial data firm Ipreo for $1.855 billion from private equity funds managed by Blackstone and the Goldman Sachs Merchant Banking Division.
The acquisition comes on the back of a strategic review of IHS Markit's business assets which will result in the disposal of MarkitServ, the group's post-trade OTC derivatives processor.
Lance Uggla, chairman and CEO of IHS Markit, says of the Ipreo acquisition: “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. We are excited to expand our footprint in the rapidly growing alternatives sector.”
Based in New York City, Ipreo currently employs more than 1,700 people. The business, bought on a 16x Ebidta multiple, is expected to achieve double-digit organic growth in 2019.