Market Connect currently provides its products and services to more than 20,000 finance professionals and more than 100,000 retail investors through its partners.
"We are extremely pleased to welcome the Market Connect team onboard. The integration of the Market Connect products and services with Infront solutions will provide great value to our customers. This acquisition is a result of our strategy to grow our European footprint through value-creating, active M&A," says Kristian Nesbak, CEO and co-founder of Infront. "We look forward to launching our products and services in the Italian market and to creating exceptional value for all our clients. Finally, this acquisition will further increase the organic revenue growth potential for Infront in a mid-to-long-term perspective."
The Market Connect division is complementary to Infront's existing operations, and includes feed, web solution and terminal products. The acquisition of Market Connect is expected to increase Infront's revenues by approximately NOK 125 million on an annual basis, significantly growing Infront's business and geographical reach.
The agreed purchase price is EUR 8.5 million, subject to adjustments for changes in working capital in the period up to closing of the acquisition. Closing is subject to customary terms and conditions and expected to take place in December 2019.
Infront provides a unique combination of global market data, news, analytics and trading tools. With proven solutions developed over 20 years by industry experts, the Infront Professional Terminal, the Infront Professional Trading Solution and Infront Web Solutions help buy-side and sell-side institutions grow their businesses, reduce costs, adapt to fast changing market requirements and work more effectively with ever-increasing amounts of information. Over 20,000 subscribers worldwide rely on Infront’s services. Infront is listed on the Oslo Stock Exchange and has offices in seven countries.
About Market Connect
Market Connect is a leading financial market data and content provider in Italy. Prior to the acquisition, Market Connect was a division of Mediobanca S.p.A. Market Connect currently provides its products and services to more than 20,000 finance professionals and more than 100,000 retail investors through its partners. Customers include some of the leading Italian financial institutions and media houses.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and section 3-4 of the Oslo Stock Exchange continuing obligations for listed companies.