European private equity firm AnaCap splits off analytics unit

LONDON (Reuters) - Private equity and credit firm AnaCap Financial Partners is spinning off its analytics unit Equipped AI into a separate business, it said on Tuesday.

The unit was formed within AnaCap in 2017 and provides data analysis for debt, equity and real estate investments.

External clients include Amitra Capital, Quilam Capital and RCapital, alongside AnaCap and the firms in which AnaCap invests.

More potential clients are in the pipeline, said Equipped AI Managing Director Mike Edwards.

"We've had pretty significant revenue growth. We're profitable already," Edwards said, adding Equipped was on course for revenues of nearly 4 million euros ($4.68 million) this year.

Douglas Trafelet, Equipped director of business development, said changing working patterns due to the COVID-19 pandemic showed the value of the platform, which could be used by different teams within an organisation.

"When you have a remote workplace, you have a breakdown in communication," he said.

AnaCap focuses on European small and mid-cap companies. Its credit investments include European non-performing loans.

Since launching in 2005 it has raised 5.2 billion euros in assets under management.

In February, AnaCap sold Czech Republic-based Equa Bank to Raiffeisen Bank International for an undisclosed amount.

($1 = 0.8540 euros)

(Reporting by Carolyn Cohn; Editing by Lisa Shumaker)