FactSet buys JCF Group for EUR50m


FactSet Research Systems Inc, a major supplier of computer-based financial and economic data to the investment community, today announced that it has entered into a definitive agreement to acquire all the outstanding shares of the JCF Group of companies. JCF, based in Paris and London, is a privately-held provider of global broker estimates and other financial and macroeconomic data to institutional investors.

The announcement follows the approval of the transaction by FactSet's board of directors. FactSet will pay consideration of EUR 50,000,000, of which EUR 10,000,000 will be in the form of FactSet common stock. In addition, up to EUR 5,000,000 of contingent consideration will be payable if certain subscription targets are met during the two years following the closing of the transaction.

"We eagerly anticipate integrating JCF's global broker estimate database into FactSet's online system," said Philip A. Hadley, CEO of FactSet. "We expect that access to JCF's highly regarded content will enable FactSet to meet the growing needs of our existing clients. JCF's international client base also enhances our opportunity to expand FactSet's global presence."

JCF Quant, JCF's flagship product, presents the company's broker estimate database with historic prices, third party company financials and macroeconomic data in one easy-to-use interface. JCF's current client list includes a number of established Wall Street investment banks and asset managers. Revenues for JCF were approximately EUR 14,000,000 for the year ended December 31, 2003.

Under the terms of the agreement, FactSet will acquire all of JCF's outstanding stock for a combination of cash and FactSet common stock. The transaction is scheduled to close in September 2004 and is not expected to be dilutive to earnings in fiscal 2005.

"With this acquisition, we will continue to provide innovative financial and economic data solutions to the global investment community," said Michael DiChristina, President and COO of FactSet. "FactSet and JCF have complementary businesses, across many dimensions, with the same strong emphasis on client service."

"We are delighted to have reached this agreement and are eager to partner with FactSet so that our clients may benefit from our mutual efforts," said Jacques Chahine, founder and CEO of JCF Group. "As leaders in our own respective markets with similar missions, I am enthusiastic about the products and data solutions FactSet and JCF can build."

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