UK-based IHS Markit has agreed to acquire financial services solutions and data provider Ipreo from Blackstone and Goldman Sachs for $1.85bn.
After assessment of its financial services businesses, IHS Markit has decided to divest its derivatives processing business, MarkitSERV, which offers end-to-end trade processing and workflow solutions across OTC derivatives asset classes.
Subject to customary closing conditions, the deal is expected to complete in the second half of this year.
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.”
Based in New York City, Ipreo provides financial services technology and data and analytics solutions to its customers.
With around 1,700 employees, Ipreo supports participants in the capital-raising process, including banks, public and private companies, institutional and individual investors.
The company also serves research, asset management and wealth management firms. Ipreo’s cross-asset class solutions will equip clients with information and tools required for better decision-making and efficient workflow.
For banks, Ipreo offers full suite of applications and data to create pitch-books, analyze the markets, target investors, and manage roadshows and events.
The firm provides end-to-end bookbuilding applications, syndicate connectivity solutions, compliance documentation, investor contacts and profiles and virtual roadshow to the banks.
Ipreo also provides advanced flexible, automated data collection, reporting, analytics and valuation solutions to the private capital market participants.
Ipreo CEO Scott Ganeles said: “This marks the coming together of two strong organizations for the greater benefit of all of our clients.
“IHS Markit will be a tremendous partner as we continue to build on our position as a leading provider to global capital markets participants.”
