Private equity firm EQT is selling Rimes to the alternative assets arm of Rothschild & Co.
Five Arrows, the alternative assets arm of Rothschild & Co., is slated to acquire enterprise data management (EDM) provider Rimes via an agreement that allows private equity firm EQT, together with its shareholders, to sell Rimes to Five Arrows, officials say.
In February 2020, EQT invested in Rimes as a way to help Rimes “expand its regtech and data management solutions and extend its existing partnerships and capabilities as well as serve new clients across the investment industry,” according to Rimes, which is based in New York City. EQT is based in Stockholm, Sweden.
Rimes offers EDM-as-a-Service support and investment platform solutions to investment management customers “representing more than USD 75 trillion in global assets under management,” according to the provider, which was founded in 1996.
“Rimes serves 60 of the world’s top 100 asset managers, as well as the 10 largest asset servicers in the world,” according to the announcement. The vendor offers a “proprietary, multi-tenant cloud technology platform” that supports data management solutions that are intended to help firms improve their investment decision-making via reliable, cost-efficient data that mitigates operational risk.
In October 2021, Rimes acquired Matrix IDM for its investment management platform, data distribution, and data warehousing solutions, officials say.
“The investment has been led jointly by the Five Arrows Long Term Fund (FALT) and Five Arrows Principal Investments (FAPI), together Five Arrows,” according to the initial release. “Five Arrows targets category‑leading B2B data and software sectors across a focused set of end‑markets including financial technology.”
Officials at Rothschild & Co. declined to provide information about the financial terms of the agreement. The transaction needs regulatory approvals but is expected to close in the coming months.
EQT and Rimes were advised by Evercore (corporate finance) and Latham and Watkins (legal), officials say. Five Arrows was advised by Jefferies (corporate finance) and Shoosmiths (legal).
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