14th Jul 2015 06:38
LONDON (Alliance News) - FTSE 250-listed business and financial magazine publisher Euromoney Institutional Investor PLC on Tuesday said it has struck a deal to acquire a 10% stake in financial estimates platform Estimize for USD3.6 million in cash.
The purchase of the stake was made as part of a USD6 million Series B funding found for Estimize.
The company sources estimates from hedge fund, brokerage and independent analysts to provide consensus market expectations.
As part of the investment, Euromoney's BCA Research business will partner with Estimize on building new datasets.
"The fintech space is growing very fast. The combination of content, technology and data science capabilities is enabling the creation of new, exciting digital products to inform robust investment decisions. Estimize has the potential to gain a significant share of a USD350 million a year market," said Richard Ensor, Euromoney's chairman.
By Sam Unsted; [email protected]; @SamUAtAlliance
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