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Euromoney buys specialist news firm Wealth-X for $20.4 million

Reuters - UK Focus
Updated

LONDON, Nov 25 (Reuters) - Euromoney has agreed to buy specialist news firm Wealth-X as part of its push to widen its portfolio of business-to-business information providers, the company said on Monday.

Wealth-X focuses on the world's wealthiest individuals providing data-driven intelligence to banks, wealth managers, luxury brands and non-profit organisations.

Euromoney will pay $20.4 million in cash for Wealth-X representing a 1.6 time multiple of 2019 revenue and a 25.6 time multiple of 2019 EBITDA.

The deal is expected to enhance Euromoney's revenue growth and be earnings accretive in its current financial year as Wealth-X generates a steady revenue flow from selling subscriptions which have high renewal rates.

Euromoney Chief Executive Jeff Davis said Wealth-X was a "highly complementary" news outlet, adding it would create further scale for BoardEx - an executive profiling and relationship mapping platform which Euromoney bought last year. (Reporting by Pamela Barbaglia; editing by Jason Neely)