CITIC exits data business to European GP
CITIC Capital is exiting its stake in business intelligence database provider ISI Emerging Markets Group to UK-based Montagu Private Equity.
CITIC acquired the business in 2018 from Euromoney Institutional Investor for an equity value of $180.5 million. The private equity firm participated in a consortium alongside Chinese financial intelligence provider Caixin Global, which is also exiting its entire position to Montagu.
Financial terms of the sale have not been disclosed. Montagu typically targets companies with enterprise values of EUR200 million ($237 million) to EUR1 billion.
“During our investment, we worked closely with the team to continue to expand ISI’s technology capabilities, product offering and organization, and to deliver robust growth in its subscription numbers, revenue and profitability,” Yichen Zhang, chairman and CEO of CITIC Capital, said in a statement.
“With the support from CITIC Capital and Caixin Global, the company also expanded its sales network and enhanced its data coverage, particularly in the rapidly growing China market. ISI has successfully built a resilient business as proven in the global pandemic environment.”
ISI comprises two brands, CEIC and EMIS, which provide macroeconomic, company, and industry information under a subscription-based model. Resources include 220 million pieces of information content from 6,000 sources in more than 15 languages. The company has around 540 employees in 19 offices globally.
Caixin noted that it helped bring CEIC deeper into the Chinese market and that it intended to continue working with ISI post-divestment.
As the global marketing intelligence division of Euromoney, ISI recorded revenue of GBP41.5 million (then $57.5 million) and operating profit of GBP11.9 million for the 12 months ended March 2017.
“As a business with resilient revenue and loyal customers that is also well-positioned to deliver accelerated growth opportunities, ISI is an excellent fit for Montagu’s investment strategy,” Pawel Czarnowski, a director at Montagu, said in a separate disclosure.
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