Euromoney buys 10% stake in Estimize for $3.6m
Euromoney Institutional Investor has acquired a 10% equity stake in Estimize – a financial estimates digital platform – for a consideration of $3.6m funded from existing cash resources.
Euromoney Institutional Investor
1,460.00p
17:15 23/11/22
FTSE 250
19,824.16
16:59 26/04/24
FTSE 350
4,470.09
16:59 26/04/24
FTSE All-Share
4,423.59
17:14 26/04/24
Media
11,859.60
16:59 26/04/24
The investment is part of a $6m Series B round aimed at expanding the capital of Estimize and other key investors include Contour Venture Partners and Longworth Venture Partners.
As part of the transaction, Euromoney will receive Series B preferred stock, a board observer seat and full information rights.
Euromoney said the decision to invest in Estimize is consistent with its strategy of expanding its data and analytics offering and follows the investment, alongside the Carlyle Group, in Dealogic Holdings.
Chairman Richard Ensor said: “Estimize has the potential to gain a significant share of a $350m a year market. This collaboration with Estimize also gives Euromoney access to a premium data set that can benefit many of our existing asset management clients around the world.
“This move fits Euromoney's strategy of expanding the scope of its activities in the global financial information sector and its strong digital backbone will help support Estimize as it moves to the next stage of its development.”