VSS Sells Ipreo to KKR
Developed Leading Global B2B Financial Software and Data Provider
Posted: May 23, 2011
Veronis Suhler Stevenson (VSS), a leading global private investment firm focused on the information, education, media, communications and business services industries, today announced that it has signed a definitive agreement to sell financial data and software company Ipreo LLC to Kohlberg Kravis Roberts & Co, L.P. (together with its affiliates, “KKR”).
Ipreo is a premier provider of real-time market intelligence and transaction software supporting equity and debt issuers and buyers as well as investor relations professionals around the world. The only financial information company to offer new issuance solutions for all market and security types, Ipreo supports both global corporations and investment banks, many of which are listed on Fortune 1000 and FTSE 100. The Company’s web-based products, work-flow solutions and its industry-leading Bigdough database of institutional investor contacts and profiles help customers bring performance and efficiency to their capital markets, investor relations, and research, sales and trading activities. Ipreo has more than 600 employees and operates in the U.S., Europe and Asia.
Based in New York, Ipreo has its roots as an early stage financial information platform for VSS that grew — both organically as well as through numerous acquisitions — from $5 million in revenues in 2004 to a market leader with approximately $130 million in annual revenues today. Ipreo was formed in 2006 through the simultaneous merger and recapitalization of VSS controlled Hemscott Group PLC and Bigdough assets with i-Deal LLC, an innovator in capital markets and workflow solutions. Following this merger, VSS, in partnership with company management, embarked on a substantial expansion strategy — including into international regions — which involved the investment in and launch of new product lines and services and a targeted add-on acquisition strategy in which five businesses were acquired.
“It has been enormously rewarding being part of the creation and growth of Ipreo. The assets and products we were able to integrate into this focused information services provider has positioned the company to play a leading role in the development and evolution of debt and equity securities issuance and investor intelligence on a global basis”, said Scott Troeller, a Partner at VSS. “The Ipreo team has done an excellent job transforming Ipreo into a global industry leader. It will be exciting to watch them continue to develop this platform into one of the major players transforming this rapidly changing sector.”
The transaction, which is subject to customary closing conditions, is expected to close in the third calendar quarter of 2011. Ipreo was represented by financial advisors Barclays Capital and BofA Merrill Lynch and legal advisors Lowenstein Sandler.
About Veronis Suhler Stevenson
Veronis Suhler Stevenson is a private equity and debt capital fund management company dedicated to investing in the information, education, media, communications and business services industries in North America and Europe. VSS provides capital for buyouts, recapitalizations, growth financings and strategic acquisitions to companies and management teams with a goal to build companies both organically and through a focused add-on acquisition program. To date, VSS equity and debt funds have invested in 67 platform companies, which have in turn completed over 300 add-on acquisitions resulting in a portfolio with realized and unrealized enterprise values totaling over $14 billion. The company’s website is www.vss.com.
Ipreo is a premier global provider of high quality data, market intelligence, and productivity solutions to investment banking and corporate clients. With decades of experience serving the capital markets, and a reputation for superior customer service, Ipreo is both a dynamic innovator and a trusted resource. Ipreo has more than 600 employees and operations throughout the US, Europe, and Asia. Ipreo is majority-owned by private equity firm Veronis Suhler Stevenson (www.vss.com). For more information, please go to www.ipreo.com.