Enterprise data management (EDM) services provider Rimes is to be acquired by the private equity arm of Rothschild & Co.
Rimes investor EQT and its co-shareholders didn’t disclose the financial details of the deal to Five Arrows, but Bloomberg estimated the transaction values the business at between €800 million (US$862m) and €900m.
New York and London-based Rimes was founded in 1996 and its cloud-based EDM-as-a-service technology platform is used by 60 of the world’s 100 largest asset managers, the company said in a statement. Its customers oversee more than $75 trillion.
Rimes has been a long-time supporter of A-Team Group and its representatives have regularly occupied speaker seats at the group’s summits and webinars.
The Five Arrows Long Term Fund (FALT) and Five Arrows Principal Investments (FAPI) make up Five Arrows, which focuses its activities on the B2B data and software sectors.
Rimes chief executive Brad Hunt said the company has grown significantly in the past few years.
“Today, Rimes combines the customer-centric ethos and deep domain expertise that has differentiated us since 1996 with the industry’s most modern technology and an innovative, comprehensive product offering designed to address the investment data challenges of the future,” Hunt said in a statement. “We look forward to joining forces with Five Arrows to build upon our strong momentum going forward.”
Seif Khoufi and Constantin Sabet d’Acre, managing director and director of FALT, said in a joint statement that they believe Rimes is “uniquely positioned to continue to support its customers’ expanding needs”.
The deal is yet to be approved by regulators, but in a statement Rimes said it expected the sale to be passed in the coming months.
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