Interactive Data to Acquire Leading Italian Data Provider, Kler's
June 26 2008 - 4:30AM
Business Wire
Interactive Data Corporation (NYSE: IDC), a leading provider of
financial market data, analytics and related services, today
announced that it has agreed to acquire Kler�s Financial Data
Service S.r.l. (Kler�s), a leading provider of reference data to
the Italian financial industry, for a purchase price of �19.0
million (or approximately $29.5 million based on current exchange
rates) in cash. The transaction is expected to be completed early
in the third quarter of 2008, contingent upon customary closing
conditions. Kler�s, which is based in Rome, is a privately held
provider of comprehensive, high-quality reference data, including
corporate actions and taxation information, on Italian and
international securities, with coverage of equities, listed and
unlisted Italian bonds, funds, simple derivatives and warrants. The
company�s clients include most major Italian banks and custodians.
Kler�s services are available as a downloadable datafeed for
back-office applications or via an online browser that enables
clients to search, design reports and perform analysis. This
acquisition represents an important element in Interactive Data�s
strategy to expand its reference data services and to continue
increasing its direct presence across continental Europe. Reference
data content has become a mission-critical component used to
facilitate the timely processing of transactions and help address
regulatory and reporting requirements. The addition of Kler�s will
enhance the reference data content that Interactive Data already
collects, processes and delivers to thousands of financial
institutions and redistribution partners around the world. In
addition, the Kler�s team will bring substantial expertise in the
supply of data to the Italian financial community. For clients in
Italy, the addition of Interactive Data�s rich content �
particularly pricing data and evaluations for a wide range of
Italian and international securities � will further strengthen
Kler�s existing offerings. The availability of Italian reference
data will also enable Interactive Data to develop evaluated pricing
for Italian unlisted bonds. Stuart Clark, Interactive Data�s
president and chief executive officer, stated: �Acquiring Kler�s
will help us accomplish two objectives simultaneously. First, we
see it as an excellent fit for our Pricing and Reference Data
business, enabling Interactive Data to provide a more complete
offering of high-quality Italian data to our current clients.
Second, it supports our previously stated goal of growing our
business outside North America by further strengthening our
position as a leading financial information provider within the
European market.� Roger Sargeant, managing director, Interactive
Data (Europe), commented: �Kler�s helps provide us with a stronger,
richer platform to further expand our business in Italy, including
offering us greater access to Italian fixed income data, tax and
regulatory information, and funds data, as well as existing
relationships with local software companies. The combination of
Interactive Data and Kler�s will position us as a leading reference
data provider in the Italian market, and will also allow us to
offer a wider range of global pricing and evaluations to Italian
financial institutions.� Stefano Di Stefano, managing director,
Kler�s, added: �We are excited to join Interactive Data as an
important part of its global operations. Interactive Data and
Kler�s share the conviction that global data providers need to have
deep local content in order to be most successful in regional
markets, and we believe this is certainly the case in Italy, which
has a vibrant fixed income and structured products market. We look
forward to continuing to grow our business in Italy through the
introduction of the unique Interactive Data content, particularly
end-of-day pricing and bond evaluations.� Kler�s currently has 44
employees based in Rome. Interactive Data plans to retain the Rome
office, adding to its existing presence in Milan, and will market
Kler�s services in Italy as Interactive Data Kler�s. Based on the
unaudited financial statements provided to Interactive Data (which
were prepared in accordance with International Financial Reporting
Standards), Kler�s 2007 revenue was �5.7 million (or approximately
$8.8 million based on current exchange rates) with operating
expenses, including depreciation, of �2.5 million (or approximately
$3.9 million based on current exchange rates). Interactive Data�s
outlook for 2008 will be updated when the Company announces its
second-quarter 2008 financial results on July 24, 2008. The final
purchase price is subject to working capital adjustments.
Interactive Data Corporation Forward-looking and Cautionary
Statements This press release contains certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 and Federal securities laws, and is subject to
the safe-harbor created by such Act and laws. Forward-looking
statements include all statements that are not historical and
include our statements discussing our goals, beliefs, strategies,
objectives, plans, prospects and opportunities, and our statements
relating to (i) the anticipated impact of the Kler�s business on
our business, including any impact on our earnings, (ii) the
anticipated timing of the closing, (iii) our plans to expand and/or
strengthen the services we offer, (iv) our ability to further
expand our business in Italy and the European market, and (v) our
plans to achieve operational synergies and revenue growth. These
statements are subject to known and unknown risks, uncertainties,
assumptions, and other factors that may cause actual results to be
materially different from those contemplated by the forward-looking
statements. Such factors include: (i) the fact that the acquisition
may not close on a timely basis or at all, (ii) our ability to
successfully integrate the Kler�s business, (iii) our ability to
retain key employees of Kler�s, and other factors identified in our
most recent Annual Report on Form 10-K and Quarterly Report on Form
10-Q filed with the Securities and Exchange Commission. We
undertake no obligation to update these forward-looking statements.
About Interactive Data Corporation Interactive Data Corporation
(NYSE: IDC) is a leading global provider of financial market data,
analytics and related services to financial institutions, active
traders and individual investors. The Company's businesses supply
real-time market data, time-sensitive pricing, evaluations and
reference data for millions of securities traded around the world,
including hard-to-value instruments. Many of the world's best-known
financial service and software companies subscribe to the Company's
services in support of their trading, analysis, portfolio
management and valuation activities. Through its businesses,
Interactive Data Pricing and Reference Data, Interactive Data
Real-Time Services, Interactive Data Fixed Income Analytics, and
eSignal, the Company has approximately 2,300 employees in offices
located throughout North America, Europe, Asia and Australia. The
Company is headquartered in Bedford, Mass. Pearson plc (NYSE: PSO;
LSE: PSON), an international media company, whose businesses
include the Financial Times Group, Pearson Education, and the
Penguin Group, is Interactive Data Corporation's majority
stockholder. Interactive Data Pricing and Reference Data provides
global securities pricing, evaluations and reference data designed
to support financial institutions� and investment funds' pricing
activities, securities operations, research and portfolio
management. Interactive Data Pricing and Reference Data collects,
edits, maintains and delivers data on more than 6 million
securities, including daily evaluations for approximately 2.5
million fixed income and international equity issues. Interactive
Data Pricing and Reference Data specialises in �hard-to-get�
information and evaluates many �hard-to value� instruments.
Pricing, evaluations and reference data are provided in the US
through Interactive Data Pricing and Reference Data, Inc. and
internationally through Interactive Data (Europe) Ltd. and
Interactive Data (Australia) Pty Ltd. For more information about
Interactive Data Corporation and its businesses, please visit
www.interactivedata.com.
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