Fitch Group, a global leader in financial information services owned by Hearst, today announced it will acquire CreditSights, Inc., a leading provider of independent credit research to the global financial community.
The company is being acquired from the founders, along with other shareholders and investors. Financial terms for the deal were not disclosed, and closing is subject to regulatory approvals and other customary closing conditions.
Following the closing, CreditSights will become part of Fitch Group's Fitch Solutions division, as it further expands its research coverage of investment grade, leveraged and distressed debt markets. Fitch Solutions is a leading provider of credit and macro intelligence, and the primary partner to Fitch Ratings for the distribution of its ratings-related content.
Founded in 2000, CreditSights is a leading provider of subscription-based, independent credit research, risk tools and comprehensive market insights to finance professionals around the world. Headquartered in New York, with offices in London, Singapore and Denver, the company has over 200 full-time employees.
CreditSights' core research product provides in-depth, market-relevant research. Covering more than 1,200 issuers, CreditSights helps financial market participants make better informed decisions on investments, asset allocation, trading and risk management.
Through the acquisition of CreditSights, Fitch Group will complement its portfolio by adding a leading provider of relative value credit research to a suite of products that includes legal analyses and fixed-income news offered by Fitch Solutions Leveraged Finance Intelligence through its Covenant Review, Capital Structure, LevFin Insights and PacerMonitor brands, as well as the credit ratings and research from Fitch Ratings.
Paul Taylor, President and CEO of Fitch Group, said:
"We are delighted to bring CreditSights into the companies of Fitch Group. CreditSights' independent research is highly regarded by financial market participants worldwide. The acquisition will provide a unique opportunity to create enhanced offerings for the benefit of both Fitch's and CreditSights' customers, increasing information and transparency in the global capital markets."
Peter Petas, CEO of CreditSights, said:
"Twenty years after we founded CreditSights, I am excited for this next chapter for the firm and for us to be an integral part of Fitch Solutions. The combination of our best-in-class research with Fitch Solutions' businesses will allow us to enhance the solutions we can offer and expand the ways we can partner with our clients."
DC Advisory served as financial advisor to CreditSights on this transaction.