EQT AB, a private equity firm, has reached an agreement to transfer ownership of Rimes Technologies to Five Arrows, the alternate investment arm of Rothschild & Co.
EQT, in making this announcement, reveals that they and their partners are transferring ownership of Rimes to Five Arrows Long Term Fund (FALT) and Five Arrows Principal Investments (FAPI).
EQT, a Swedish technology company specializing in finance, has reached an agreement to transfer ownership of Rimes to the alternative investment arm of Rothschild & Co., named Five Arrows.
— 📍FinTech.CEO 📍CBDCs.AI (@CryptectiveHQ) April 13, 2024
According to Bloomberg News, the sale price for Rimes hasn’t been explicitly stated. However, their report suggests that the deal values Rimes at roughly between 800 million euros ($852 million) and 900 million euros, taking into account any existing debt.
Based in New York City, Rimes specializes in supplying data and investment management tools. Established in 1996, this firm caters to some of the world’s largest asset management firms, collectively managing over $75 trillion in assets. Notable clients include Bank of New York Mellon Corporation (US) and Shell Plc (UK).
Since February 2020, EQT and Rimes have collaborated closely. This partnership came about when EQT decided to invest strategically in Rimes, with the goal of enhancing Rimes’ regulatory tech and data management offerings.
The company offers a complete range of products, among which is Matrix IDM – a data management platform for investments that was obtained in 2021 – and a freshly created AI division.
With over 26 billion euros ($27.6 billion) in managed global assets, Five Arrows has two main business units: the long-term investment fund, FALT, and the principal investments division, FAPI.
Brad Hunt, the CEO of Rimes, showed great excitement about the acquisition, explaining that it would add fuel to Rimes’ existing forward momentum and growth trend.
Vivek Kumar and Sacha Oshry from FAPI shared the same enthusiasm as Rimes, looking forward to collaborating to tackle intricate data issues and achieve ongoing success in various sectors and locations.
After more than a year and a half of active investing, private equity firms are now beginning to offload their owned businesses at increasing rates, as market evaluations approach their usual values.
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2024-04-13 19:56