Euromoney buys database firm Arete Consulting
Tuesday 10 August 2010
Euromoney Institutional Investor has bolstered its information business in the arcane world of structured finance, saying it will acquire Arete Consulting, which has built a database containing information on over 1.5 million structured products dating back nearly 20 years.
The purchase is the financial publisher's first major acquisition since October 2006, and comes as it has been expanding into online subscription data businesses. It declined to disclose the likely price, which is dependent on Arete's profits this year. The company has net assets of just under £1m.
Arete was founded in 2001 by a former head of structured products at HSBC, Robert Benson, who is also the company's principal shareholder. "Working with Euromoney will enable us to accelerate our geographical coverage and develop new products," he said.
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