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Euromoney swallows up research and survey firm Extel
Business information and events group Euromoney Institutional Investor has acquired 100% of the business and assets of Extel from WeConvene, it announced on Thursday.
The FTSE 250 firm said Extel would be integrated into its research business further strengthening the company's asset management offering.
Extel runs the annual independent survey of quality across the European equities investment community.
The Extel Survey began in 1974, and in 2017 more than 15,500 investment professionals cast 1.1 million votes across the investment industry, providing a wide-ranging dataset to help clients analyse and drive their market understanding.
Euromoney said the acquisition of Extel fit within its strategy of investing in its main themes, specifically asset management.
Extel was said to be "deeply embedded" in the equities investment community, with its complementary data sets, and analytics and insights set to support the transition of Euromoney Institutional Investor to a "next generation 3.0" business model.
Financial details of the transaction were not disclosed.
"Although a small business Extel has a strong reputation in the European market, and is highly complementary to our existing Institutional Investor Research offerings," said Institutional Investor Research managing director Will Rowlands-Rees.
"By integrating these businesses, we will create a unique bulge bracket through domestic broker view of research product evaluation in the European market at a time of tremendous market change driven by MiFID II.
"I look forward to leveraging our shared expertise and knowledge, and partners in the investment community to build a stronger and broader set of capabilities across our portfolio of products to help with these challenges."