18th Apr 2007 07:00
United Business Media acquires Vintage Filings, LLC Adds leading U.S. Edgar filing business to complement PR Newswire U.S. service offering
United Business Media Plc today announces that it has acquired Vintage Filings, LLC (www.vfilings.com) for an initial cash consideration of $38m. A further deferred consideration of up to $15m will be payable over the next four years, subject to certain conditions.
As one of the leading and fastest-growing companies in its market, Vintage Filings' EDGAR filing services are used by Fortune 500, mid-size and small cap public companies, mutual funds, investment management firms, law firms and individuals around the world to fulfil their disclosure obligations to the Securities and Exchange Commission (SEC). Headquartered in New York, Vintage Filings has 65 full-time employees in New York, Los Angeles and San Francisco. Chief Executive Officer Shai Stern and President Seth Farbman will remain in their respective roles after the completion of the acquisition. PR Newswire's existing Edgar business will be merged into the Vintage Filings business.
Vintage Filings is a highly complementary acquisition for PR Newswire, expanding its business in the IR market, particularly in the financial services industry. Also, with the addition of Vintage Filings' capabilities, PR Newswire is able to offer public companies an integrated service which helps them to fulfil all aspects of their disclosure obligations, from distributing news releases and hosting webcasts to filing regulatory documents with the SEC.
Vintage Filings' revenues in 2007 are anticipated to be around $18m. The acquisition is anticipated to meet UBM's 8% post-tax cost of capital criterion for acquisitions in its first full year of ownership.
Charles Gregson, chief executive officer of PR Newswire said:
"Vintage Filings is a great addition to the PR Newswire family. Vintage Filings provides valued and trusted services to the public companies it serves and is well-known for providing great customer service at highly competitive prices."
"This acquisition will help ensure PR Newswire's services continue to meet the changing needs of communications professionals, in particular by allowing simultaneous, accurate and cost-effective delivery of public company information to all audiences - the media, investors both institutional and retail, as well as regulatory organisations."
- Ends - ContactsMedia Peter Bancroft Director of Communications E-mail [email protected] Direct telephone +44 20 7921 5961 Chris Barrie Citigate Dewe Rogerson E-mail [email protected] Direct telephone +44 20 7282 2943 Mobile +44 796 872 72 89 Analysts/Investors Email [email protected] Direct telephone +44 20 7921 5095 Nigel Wilson +44 20 7921 5019 Andrew Crow +44 20 7921 5940 Notes to Editors
About United Business Media Plc
United Business Media Plc is a leading global business media company. We inform markets and bring the world's buyers and sellers together at events, online, in print, and with the information they need to do business successfully. We focus on serving professional commercial communities, from doctors to game developers, from journalists to jewellery dealers, from farmers to pharmacists around the world. Our 5,000 staff in more than 30 countries are organised into specialist teams that serve these communities, helping them to do business and their markets to work effectively and efficiently.
For more information, go to www.unitedbusinessmedia.com.
About PR Newswire
PR Newswire Association LLC provides electronic distribution, targeting, measurement and broadcast services on behalf of tens of thousands of corporate, government, association, labor, non-profit, and other customers worldwide. Using PR Newswire, these organizations reach a variety of critical audiences including the news media, the investment community, government decision-makers, and the general public with their up-to-the-minute, full-text news developments.
Established in 1954, PR Newswire has offices in 11 countries and routinely sends its customers' news to outlets in 135 countries and in more than 40 languages. Utilizing the latest in communications technology, PR Newswire content is considered a mainstay among news reporters, investors and individuals who seek breaking news from the source. PR Newswire's leading services include ProfNet ExpertsSM, eWatch¢â€ž¢, MEDIAtlas¢â€ž¢, Search Engine Optimization, MediaRoom, MediaSense¢â€ž¢, MultiVu¢â€ž¢ and U.S. Newswire, the pre-eminent policy newswire in the industry.
For more information, go to www.prnewswire.com.
UNITED BUSINESS MEDIA PLCRelated Shares:
UBM