Hemscott Group Ltd., a provider of financial data and investor relations services, has merged with i-Deal LLC, a provider of capital markets workflow solutions.
The combined company has been named Ipreo LLC. It will have revenues of approximately $100 million for 2006, according to Veronis Suhler Stevenson, a New York-based private equity firm dedicated to investing in the media and information industries. Hemscott is Veronis Suhler’s portfolio company.
Simultaneously, Ipreo, which has offices in New York, London, Maryland, and Delhi, India, said yesterday that it has acquired of Marketpipe Ltd., a Britain-based provider of fixed-income, new-issue software solutions. The company designs, licenses and operates applications in the financial markets.
The new company name Ipreo is Old English for “three” and signifies that three companies are coming together as one to serve three key capital market constituencies with information, intelligence, and insight.
Through the merger and acquisition, Ipreo will be able to provide investment banks, investor relations communities and investors with access to the issuer space.
Ipreo will have approximately 600 employees globally, based in the United States, Britain and India.
Hemscott was delisted from the AIM exchange in a public-to-private process on Aug. 30.
With the merger of Hemscott and i-Deal, Veronis Suhler will hold a majority stake in Ipreo, while Citibank and Merrill Lynch, the original sponsoring members of i-Deal, will hold significant minority stakes.
Hemscott owns and operates Bigdough, a resource for both the equity markets and corporate investor relations communities.
In addition, Hemscott delivers proprietary financial data and business information to financial institutions and Web portals throughout the United States and Britain.
I-Deal is a leader in the capital raising and new issue arena, providing software and analytics to top investment banks globally across the equity, fixed income and municipal markets.
Ipreo has been formed to leverage the combined offerings and expertise already established by i-Deal and Hemscott in their respective market segments to provide enhanced connectivity between different players in the financial markets.