Asset International acquires Plan for Life (story updated)

January 5, 2011 — Fusion DigiNet

Earlier version

Asset International, a global provider of data and analytics, workflow tools, research, marketing support and events for the asset management industry worldwide, has acquired Plan for Life, a leading provider of business intelligence data and research for the Australian managed fund and life insurance markets.

Headquartered in Melbourne, Plan For Life (PFL) is an independent source of sales and related data on the managed fund and life insurance markets in Australia and New Zealand for fund managers, life offices, analysts, dealer groups and government bodies.

Simon Solomon, Founder and Managing Director of Plan For Life, commented, “Joining forces with Asset International is an exciting opportunity for me and my team at PFL, the company I started more than 20 years ago. AI’s asset management focus, passion about data, close customer relationships and global resources will facilitate the expansion of our services to our many friends and clients.”

Plan For Life will become a part of AI’s Strategic Insight division, the New York, London and Hong Kong-based supplier of data, tools, and research to the global asset management industry.

As examples of anticipated synergies, Mr. Solomon cited Plan For Life’s ability to introduce Strategic Insight to its more than 100 clients in Australia, the world’s fourth largest mutual fund market. Plan for Life’s data also will be incorporated into Strategic Insight’s global services, and the combined firms’ Melbourne and Hong Kong Offices are expected to enhance service coverage of AsiaPac clients. “There is an increasing interest among many investment managers around the world to participate in the growth of the Australian asset management industry,” Mr. Solomon observed.

According to Jim Casella, Asset International’s Chief Executive Officer, “Plan For Life allows us to expand our services as a primary resource of business intelligence for asset managers and asset owners worldwide.” He observed that Plan For Life shares valuable attributes with AI’s other divisions, including an asset management focus, market leadership, loyal customers served over decades, and unique business intelligence data distinguished by its depth and integrity.

Jag Alexeyev, Senior Managing Director of Strategic Insight Global commented, “PFL and Strategic Insight have assisted the mutual fund industry for more than two decades and share cultural affinities. This acquisition anchors our future collaboration and provides Strategic Insight with an opportunity to offer detailed Australian data to more than 250 subscriber organizations in Asia, Europe and the US, as well as bring our timely global insights to Australian clients.”

Daniel Enskat, who leads Strategic Insight’s global consulting from AI’s recently opened Hong Kong office, suggested that Australia offers lessons and opportunities to the retirement savings industry around the world, noting that Australia already enjoys the highest household ownership of mutual funds among developed nations (averaging about $150,000 per household, significantly above even the maturing US).

Mr. Casella, Asset International CEO added that AI, with financial backing from Austin Ventures and a credit facility with Goldman Sachs, continues to look to add to its strong organic growth with additional acquisitions of specialized information providers to the asset management industry worldwide. “Through AI’s companies, global asset managers can now access a broad spectrum of business intelligence information and technology in a comprehensive rather than fragmented manner,” he asserted.

USA, New York, NY

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AdMedia Partners survey forecasts an increase in traditional media and digital media M&A and improved multiples

December 30, 2010 — Fusion DigiNet

The AdMedia Partners annual survey of senior executives interviews senior executives in leading content (traditional media and digital media) and services (marketing services, digital marketing and marketing technology) businesses. They were asked for their views on the  prospects for industry mergers and acquisitions in the year ahead.

Respondents believe that M&A activity will increase in 2011 – with 78–86% (of content and services respondents, respectively) expecting more M&A activity from strategic buyers and 63–68% expecting more M&A activity from financial buyers.

On the services side, approximately half of respondents considered EBITDA multiples of 8x or greater to be reasonable for companies providing analytics/optimization, mobile marketing, social marketing and marketing technology services. The median multiples for content firms were in the 5–6x EBITDA range, with the exception of online media achieving the highest valuation expectations of 7–8x. Consumer media and business-to-business media both showed significant gains in valuation expectations, jumping from 4x EBITDA in last year’s survey to 6x EBITDA this year.

The full report can be downloaded from here

USA, New York, NY

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Asset International acquires Plan for Life

December 23, 2010 — Fusion DigiNet

Ignites Asia is reporting that Asset International, the New York-based parent company of research house Strategic Insight, is acquiring Plan for Life, which provides product-and firm-level data and research on Australia’s fund and life insurance space. Both firms say the deal will boost their coverage of fund flows, which may give their respective clients additional tools for benchmarking regional business. 

Melbourne-based Plan for Life, with its key analysts on board, will become part of Strategic Insight, which has offices in New York, London and Hong Kong. That will allow Strategic Insight to combine data feeds from most of the world’s major investment markets to chart product and distribution trends on a global level.
 
Plan for Life currently provides quarterly reports and data to more than 80 core clients, which include global fund managers with business in Australia, such as Vanguard; consultants and accountants, such as Deloitte; and regional sponsors of funds, retirement solutions and insurance products, such as National Australia Bank. Sell-side analysts, from firms like Goldman Sachs and Merrill Lynch, also use the research to cover public fund companies.

USA, New York, NY & Australia, Melbourne

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Platts to acquire BENTEK Energy

December 14, 2010 — Fusion DigiNet

Platts, a global provider of energy and metals information and a division of The McGraw-Hill Companies, is to acquire BENTEK Energy, a privately held energy market analytics company headquartered in Evergreen, Colorado. The purchase price was not disclosed. The acquisition is expected to be completed in early 2011.  Following the closing, BENTEK will continue to operate under its current name with its current management.

BENTEK, founded in 1985, offers a portfolio of data, information and analytics products in the natural gas and liquids sector.  Its customers include the majority of the top firms in the energy industry, including independent producers, pipeline companies, and utilities, as well as industry regulators, financial institutions, and the largest energy hedge funds.

“BENTEK is a highly successful company whose leadership position has been attained through its deep understanding of energy industry dynamics, of the data reflecting those dynamics, and of the requirements of customers,” said Larry Neal, president of Platts.  “By combining BENTEK’s analytical expertise with Platts’ products, we can offer customers a comprehensive view of the North American natural gas market.  Our collective capabilities will provide them with a unique lens on the market – from underlying supply/demand fundamentals to real-time news and price information – and deepen our coverage of other complex commodity markets.”

Porter Bennett, BENTEK’s president and CEO, added that Platts’ current position in power, coal and liquefied natural gas, coupled with its global sales force, provides the opportunity to accelerate BENTEK’s plans for expanding into new commodities and international markets.  “As part of Platts, we are better positioned to capitalize on the increasing internationalization and interdependence of the natural gas and liquids markets and address the growing global demand for fundamental market data and analysis.”

The BENTEK acquisition follows Platts’ announcement, reported on Fusion DigiNet, last week that it plans to acquire Oil Price Information Service (OPIS), a leading provider of news and price information to the wholesale and retail petroleum markets in North America. With the BENTEK and OPIS acquisitions, Platts will deepen its power coverage and broaden its oil coverage in the North American market.

USA, New York, NY & Evergreen, CO

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Synovate to acquire a majority stake in COMCON

December 7, 2010 — Fusion DigiNet

Synovate, one of the world’s largest market research companies, is acquiring a majority stake in COMCON. Synovate’s existing Russian business and COMCON, Russia’s leading independent market research agency, will combine their capabilities and resources to leverage Synovate’s global reach and establish the leading market research player in Russia.

COMCON, established in 1991, is among the four biggest research companies in Russia with offices in Moscow and St Petersburg. The business, which is currently wholly owned by COMCON management, has significant custom and syndicated research capabilities and a high quality established customer base in a number of key industry sectors, including healthcare, FMCG, financial services and media.

Robert Philpott, Global CEO for Synovate, who announced the deal while in Moscow and welcomed COMCON to Synovate, said: “The acquisition of COMCON will make Synovate the leading market research company in Russia, with increased scale and resources, a wider range of management expertise and a more diverse client base. Our goal for the integrated business is to be number one in the Russian market – the combination of COMCON’s well-established Russian business and Synovate’s existing Russian operation creates that opportunity. Looking ahead, our significantly broader footprint in Russia will enable us to assist domestic clients to expand internationally and to support global clients in gaining access to the Russian market. This transaction therefore consolidates Synovate’s position as a leading market research provider within the Eastern European region.”

Over the coming months, the management, operations and research capabilities of both companies in Russia will be integrated into a single Synovate branded business.

Elena Koneva, General Director and Founder of COMCON, will become Managing Director of the new combined business with immediate effect. Oleg Feldman, founder of COMCON-Pharma, will continue to lead the healthcare business. Koneva has led COMCON since the company was founded in 1991, driving its performance, including through tough economic conditions in recent years. She is known as one of Russia’s most successful leaders in the industry.

Koneva said: “COMCON and Synovate represent a great fit. We have many complementary features, including our staff, services, methodologies and client sectors. This will be an exciting opportunity for us, becoming part of a leading global company and integrating the best of what we already have – great clients, great people and a great culture. We will integrate the business to create an even stronger team and ensuring our people are recognised as our most valuable business resource.”

The current Managing Director of Synovate Russia Panicos Ioannides will assist Koneva in her new role as Managing Director of the combined businesses and in the integration process over the coming months.

Russia, Moscow

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EDGAR Online and UBmatrix merge

November 23, 2010 — Fusion DigiNet

EDGAR Online has merged with UBmatrix to creates a global, end-to-end provider of solutions for the creation, validation and analysis of XBRL (eXtensible Business Reporting Language) content. The stockholders of EDGAR Online approved the stock issuances contemplated by the merger agreement at the Company’s 2010 Annual Meeting on November 18, 2010 following previous approvals by the Board of Directors of the Company, and the Board of Directors and shareholders of UBmatrix. UBmatrix, one of the original inventors of the XBRL financial standard, will operate as a wholly-owned subsidiary of EDGAR Online, maintaining its existing brands.

The merger was an all equity transaction with the issuance by EDGAR Online of preferred and common shares equal to approximately 16% of the Company’s common stock on a fully diluted basis, subject to post-closing adjustments. In addition to the merger consideration, current UBmatrix shareholders have invested an additional $2 million in cash into the Company through the purchase of additional EDGAR Online preferred shares (convertible into 1,381,088 common shares of EDGAR Online as of January 28, 2015). Further details may be found in EDGAR Online’s definitive proxy statement filed with the SEC on October 20, 2010.

“I am extremely pleased that we have completed this strategic merger of two of the leading companies in XBRL today,” said John Connolly, Interim CEO of EDGAR Online. “UBmatrix has strong expertise and leadership in the software used by global regulators—including the U.S. Securities and Exchange Commission through its contract with Keane Federal Systems—as well as by major corporations through its enterprise software partners such as Oracle and SAP. UBmatrix’s products are great complements to our existing filing creation services and data products that will enable us to efficiently expand our XBRL footprint, take advantage of new partnerships, customers and efficiencies, and capitalize on a dynamic and growing market.”

EDGAR Online noted that the users of and applications for XBRL are growing rapidly, driven in part by government regulations. As mandated by the SEC, in June 2011 more than 8,000 additional public, private and foreign companies will begin filing in XBRL, and beginning in January 2011 more than 8,000 mutual funds must file their risk/return summaries in XBRL.

The merger with UBmatrix marks a significant milestone in EDGAR Online’s transformation from a niche provider of U.S. SEC EDGAR documents into a leading provider of XBRL products and services that improve the flow of business information, and a business with diverse revenue streams that is well positioned to capitalize on the exploding XBRL market. The combined company will have the ability to serve customers with a comprehensive set of products and services, great depth of experience and a strong set of partners in the XBRL market.

USA, New York, NY & Redwood City, CA

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Thomson Reuters Acquires Pangea3

November 19, 2010 — Fusion DigiNet

Thomson Reuters has acquired Pangea3, a fast-growing legal process outsourcing (LPO) provider serving corporate legal departments and law firms worldwide. Terms of the deal were not disclosed.

The acquisition extends the Thomson Reuters strategy to develop world-class information, software and workflow solutions for legal professionals around the world. Pangea3 is headquartered in New York and Mumbai, India, and has 650 employees at its major delivery centers in Mumbai and New Delhi. Pangea3’s client base includes Am Law 250 law firms and some of the world’s largest financial services, pharmaceutical, healthcare, food and beverage, technology and consumer goods companies. The firm offers a variety of services organized into four distinct lines of business including legal document review; corporate transactions; intellectual property; and risk management and compliance.

Peter Warwick, president and chief executive officer of Thomson Reuters, Legal, said legal process outsourcing adds a vital strategic complement to the Thomson Reuters portfolio of specialized information and workflow solutions, and will be key to helping law firms and corporate legal departments be more responsive and cost-effective. “Pangea3 is true to our mission to help the legal system perform better, every day, worldwide; we will now bring to the legal marketplace a responsive, high-quality, transformative resource for a broad range of legal support work. This is particularly important as law firms and general counsel adjust to the realities of the ‘new normal,’ where efficiency, quality and responsiveness are paramount,” he noted.

Pangea3 is seen as the world standard in the LPO marketplace, which is growing at more than 20 percent annually and projected to exceed U.S. $1 billion this year.

“The addition of Pangea3 to the Thomson Reuters family creates a solid foundation in the global solutions suite that is a perfect fit in our long-term growth strategy,” said Tony Abena, president and general manager, Global Legal Solutions. “With overlays in key  segments including our Corporate General Counsel, IP Solutions, Governance, Risk and Compliance and Law Firm businesses, we’re aligning ourselves more closely into general counsel and law firm workflows. Pangea3 brings to Thomson Reuters a broad and rapidly growing client base, and a reputation that is unmatched in the LPO marketplace. I’m very pleased to welcome the Pangea3 team to Thomson Reuters.”

“Joining forces with Thomson Reuters will further accelerate and expand our ability to provide impactful and transformative solutions to our corporate and law firm clients,” said David Perla and Sanjay Kamlani, co-CEOs of Pangea3. “Thomson Reuters is the perfect partner for Pangea3’s clients and team-members to continue to grow and solve the increasingly complex and expensive challenges facing legal professionals around the globe.”

“Pangea3 has been a valued provider for me, and is an attractive alternative for my clients,” said Jeff Jaeckel, a partner at Morrison & Foerster and head of Morrison & Foerster’s Washington, D.C. and Virginia Litigation Department. “We look forward to even bigger and better solutions as Pangea3 joins forces with Thomson Reuters.”

Founded in 2004 by Perla, formerly Monster.com vice president, Business & Legal Affairs, and Kamlani, who was OfficeTiger CFO and general counsel, Pangea3’s team of top-tier legal talent uses rigorous Six Sigma methodologies to ensure high-quality legal services. Perla and Kamlani will continue in their current roles, and all 650 Pangea3 employees will join Thomson Reuters, remaining based in their New York, Mumbai and New Delhi offices.
India, Mumbai & USA, New York, NY

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Thomson Reuters acquires Highline Financial

November 2, 2010 — Fusion DigiNet

Thomson Reuters has acquired Highline Financial, a financial information and analytics provider focused on the US banking sector. The acquisition supports Thomson Reuters strategy of providing timely, accurate and high quality information by expanding its offering to include differentiated financial content and analytics for the banking and capital markets sector.

Market dynamics are creating a strong need for deep data and analytics as the financial sector experiences a tremendous level of new regulatory oversight, post crisis performance monitoring, bank closures and overall industry consolidation. The combination of Thomson Reuters and Highline Financial will provide Thomson Reuters clients with access to Highline Financial’s comprehensive public company and regulatory database which comprises 20 years of historical data covering 20,000 financial institutions, with over 24,000 filed and calculated financial data points and ratios maintained in the system on a daily basis. Highline Financial clients will benefit from having access to the depth and breadth of Thomson Reuters global content, support and infrastructure. The information will be available on Thomson Reuters Eikon, Thomson Reuters recently launched next-generation desktop, in 2011.

“The recent turmoil in the markets makes access to financial data more important than ever to our clients,” said Neil Masterson, Global Head of Investment Banking, Thomson Reuters. “With the acquisition of Highline Financial, Thomson Reuters can provide the banking and capital markets sector with the financial industry-specific analytics they need to drive deal activity.”

“This acquisition will create a significantly larger financial information and analytics platform for Highline Financial by enabling the company to leverage Thomson Reuters global reach and expertise to better serve its clients,” said Terry Waters, President & CEO, Highline Financial. “Both companies are committed to providing the most timely, accurate and complete financial information available and the combination of the two creates an industry leader in this space.”

Highline Financial is a portfolio company of Spire Capital Partners.

Terms of the agreement were not disclosed.

USA, New York, NY

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Morningstar to acquire Annuity Intelligence business of Advanced Sales and Marketing Corp.

October 23, 2010 — Fusion DigiNet

Morningstar a leading provider of independent investment research, has entered into a definitive agreement to acquire the annuity intelligence business of Advanced Sales and Marketing Corp. (ASMC) based in Oakbrook Terrace, IL. Morningstar expects to complete the transaction in the next few weeks. The purchase price is $14.1 million, subject to post-closing adjustments.

The Annuity Intelligence Report (AI Report), one of ASMC’s two product lines, is a web-based service that helps broker-dealers, insurers, and the financial professionals they support better understand and more effectively present variable annuity products to their clients. The AI Report service leverages a proprietary database of more than 1,000 variable annuities that includes “plain-English” translations of complex but important information found in prospectuses and other public filings. AI Report’s simplified format helps to better ensure that investors understand what they are purchasing and that advisors are meeting suitability review requirements and properly structuring annuity contracts. The AI Report includes FINRA-reviewed single annuity and side-by-side comparison reports as well as annuity flow data, a contract and benefit selector tool, historical contract data, and optional subaccount data.

The annuity intelligence business serves 170 firms, including broker-dealers, banks, advisory firms, and insurance companies. More than 150,000 financial advisors have access to the AI Report through these firms. 

ASMC also offers the MaxPlan wholesaler productivity system, a business planning and territory management tool for mutual fund and annuity distributors, which Morningstar is not acquiring.

“The Annuity Intelligence Report team has a deep knowledge of variable annuities, and offers a leading service that helps financial professionals provide better recommendations to their clients while avoiding the errors and liabilities that are quite common when selling and processing variable annuities,” said Chris Boruff, president of Morningstar’s software division. “By combining Morningstar’s strength in variable annuity subaccount data and modeling tools with AI Report’s product-level data, and proprietary methodologies, we believe we’re creating the best-of-breed offering for investors and financial advisors.”

“ASMC focuses on helping mutual fund companies, insurance carriers, and broker-dealers become more productive,” said Karen (Falat) Larson, president and founder of ASMC. “Morningstar’s large presence in the advisor channel and its history of investment research innovation will enable the annuity intelligence business to bring new ideas to market faster.”

After the acquisition is completed, the annuity intelligence business will become part of Morningstar’s advisor software unit. The company plans to keep the Annuity Intelligence Report product name for the foreseeable future and will market it under the Morningstar brand.

Kevin Loffredi, senior vice president and co-founder of ASMC, will continue to manage the annuity intelligence business. Morningstar expects to retain the majority of the business’s employees.

Karen Larson, president and founder, and ASMC’s chief executive officer, Perry Moore, will continue to run ASMC’s wholesaler productivity business under the new name MaxPlan Solutions, Inc.

City Securities Corp. acted as financial advisor to ASMC on this transaction.

USA, Chicargo, IL

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A Fusion Deal: eLitigation business Legal Inc is acquired by Grant Thornton

October 11, 2010 — Fusion DigiNet

Legal Inc Ltd has been acquired by Grant Thorton as a key addition to its Forensic Team.   Established in 2005 and based in London, Legal Inc is the leading independent UK specialist in eLitigation, eDisclosure and eCourt services.

Legal Inc is able to handle and decipher huge complicated files for its accounting and legal and government clients.  As the company says: ” Our aim is always to be an ally in the fast-changing world of information management, where our know-how and, experience and market awareness can assist you in you in meeting today’s challenges.  The exponential growth of edata, the impact of disruptive technologies and a changing rulebook make for a ‘shifting sands’ environment. Add in operational pressures that revolve around efficiency, risk, cost control and client satisfaction and you can understand why so many organisations look to leverage Legal Inc to improve legal delivery and enhance business returns.”

 

Paul Slight was the Partner responsible for the transaction.  Fusion acted exclusively for the shareholder vendors.

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