London-based data firm IHS Markit has agreed to acquire Ipreo, a New York-based financial services solutions and data provider, from Blackstone and Goldman Sachs, in a deal worth $1.85bn.
Blackstone and Goldman Sachs purchased Ipreo from Kohlberg Kravis Roberts & Co. (KKR) four years ago. Ipreo said that it increased its revenues by around 60% since the investment by Blackstone and Goldman Sachs.
Blackstone senior managing director Martin Brand said: “IHS Markit will be a synergistic partner for Ipreo, with a strong management team we have known for a long time. We look forward to continuing to work with IHS Markit to explore opportunities to partner in financial technology.”
The deal is expected to be completed in the second half of this year, subject to regulatory nod.
IHS Markit chairman and CEO Lance Uggla said: “Ipreo has an extremely strong brand in financial markets and its services are a logical and highly complementary extension to our financial services business and our customer base.
“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.”
Ipreo president and COO Kevin Marcus added: “IHS Markit is a great fit for us – in culture, market approach, and focus on customer service – and is a great home for us to continue our trajectory of success.”