UK-based Data Explorers has been bought out by financial information services business Markit in a deal that achieves an exit for Bowmark Capital.
Data Explorers provides information on short interest data and institutional fund activity for the use of business owners, agent lenders and asset managers.
Bowmark Capital originally led a buy-out of Data Explorers in 2007 and led the development of new products and expansion into new geographic markets. In its four year investment period Data Explorers opened a New York office and doubled the size of its North America team.
Donal Smith, CEO of Data Explorers, comments, ‘With support from Bowmark Capital, Data Explorers has achieved fantastic growth over the last four years. We have more than doubled revenues and tripled profitability with new product innovation and expansion into Europe, North America and Asia.
‘Data Explorers is now the leading provider of data and analytics to the entire securities finance market form agent lenders through to hedge funds and our services are a great fit with those offered by Markit.’
The purchase, which is being made for an undisclosed amount, is said by Markit to offer new services so that clients can ‘optimise their use of collateral’. Markit will now develop products for equity market participants.
Lance Uggla, CEO of Markit, adds, ‘Markit’s acquisition of Data Explorers represents a logical extension to our existing data, research and analytics for the equity markets and complements our extensive fixed income offering.
‘Our global distribution capabilities and robust technology infrastructure put us in a strong position to develop a compelling offering for our combined customer base globally.’