MarketXS completes Moneyline Telerate Benelux acquisition
12 February 2004 | 1462 views | 0
MarketXS, a leading provider of real-time market data technology, today announced the completion of the acquisition of Moneyline Telerate's activities in Benelux.
The acquisition has made MarketXS the third-largest provider of market data solutions in Benelux, serving hundreds of customers and thousands of terminal users throughout the Netherlands, Belgium and Luxembourg. Moneyline Telerate's premium data will become available through all MarketXS products. As Moneyline Telerate's exclusive distributor in Benelux, MarketXS now also sells and supports the full range of Moneyline Telerate products, including Active8, MTRS and WebStation.
Concurrently with the acquisition MarketXS has raised EUR 11.5 million in funding, with Prime Technology Ventures acting as lead investor and contributing EUR 4 million to the round. A further EUR 4 million will be provided by an additional investor. As part of the overall partnership with MarketXS that includes a contribution of its Benelux activities and certain rights to use MarketXS technology, Moneyline Telerate has provided EUR 3.3 million in common equity. In addition, a EUR 5 million bank facility is available from Hollandsche Bank-Unie. After closing the investment round MarketXS management continues to own over 60% of the company.
MarketXS has expanded its Supervisory Board with representatives from the new investors, and has appointed Mrs. Carole Anne Collier as Chairman. Mrs. Collier is a former Senior Executive Vice President of ABN AMRO Bank with a 21 year career in corporate banking, structured finance, risk management and public sector financing. In addition to the formal role of Chairman, she will be actively involved in the international expansion of MarketXS.
MarketXS Chief Executive Officer Floris Alkemade comments: "We are excited with the finalization of the funding round and the acquisition of Moneyline Telerate Benelux. For the Moneyline Telerate and MarketXS customers it will mean a much wider choice in data and applications, and access to expanded resources for optimal support on the full range of Moneyline Telerate and MarketXS products. As one of the fastest growing technology companies in Europe setting a new standard for real-time data distribution technology in the financial sector, MarketXS will be looking to further expand its coverage beyond Benelux. We are delighted with the appointment of Carole Anne Collier as Chairman of the Supervisory Board to support the international rollout of MarketXS."
Sake Bosch, Managing Partner of Prime Technology Ventures adds: "We are extremely excited by the massive opportunity MarketXS has, building on its impressive lead in the rapidly evolving data delivery space. MarketXS's new and internet based technology has the potential to dramatically simplify data access, structurally bring down costs and facilitate data delivery to tens of thousands of screens for financial professionals."