LINEDATA : Linedata acquires Gravitas, expanding into outsourced services and further developing its presence in North America
Source: Nasdaq GlobeNewswire / 27 Jan 2017 07:30:10 Europe/London
Neuilly-sur-Seine, January 27, 2017, 8:30 a.m. - Linedata (LIN:FP), the global solutions provider to the investment management and credit industries, today signed an agreement to acquire Gravitas Technology Services (Gravitas), a leading provider of middle office and technology services to the asset management industry. Gravitas is based mainly in New York (USA) and Mumbai (India).
Favourable market conditions
Linedata - an acknowledged leader in providing technology solutions for asset managers - continues to broaden its range of products and services through targeted, strategic acquisitions to span the entire value chain of institutional and alternative managers, and fund administrators.
Increasingly asset management companies, particularly alternative managers, are seeking to outsource their middle- and back-office operations to partners who are able to leverage comprehensive and scalable technology solutions. Gravitas has demonstrated this core expertise over 20 years and has unique experience in providing these functions to their clients.
Gravitas: outstanding services and technologies
Gravitas provides its innovative services using a technology platform that integrates proprietary and third-party tools. Through outsourcing, its customers access top-tier services based on a variable, shared cost model.
With over 80 staff in the United States and 180 in India, Gravitas is one of the leading players in the market. The company supports over 80 asset managers of all sizes in North America.
In 2016, the company achieved revenues* of $26.5 M.
Strategic, short-term synergies
By combining its software platforms with Gravitas' outsourced services, Linedata will offer high-value services tailored to its customers' requirements and business models. Gravitas will leverage Linedata's global presence to distribute its services worldwide.
Linedata founder and CEO Anvaraly Jiva stated that "We are delighted to welcome Gravitas' clients and employees into Linedata. Gravitas' award-winning outsourcing services, combined with our technology platform, will enable us to accelerate our ambitious and innovative Linedata 2018 growth stratgey."
Gravitas founder and CEO Jayesh Punater added, "Linedata's technologies and global reach will bring us genuine and unique abilities to extend and improve our range of services."
* Audit of 2016 Financial Statements in progress
Next communication: Publication of 2016 revenues on 1st February 2017 after close of trading.
Linedata is a global solutions provider dedicated to the investment management and credit communities, with close to 1000 employees in 16 offices across the globe. Linedata has been at the service of the financial industry from day one, and applies its market and client insight to provide innovative and flexible mission-critical software and services that help its clients grow in over 50 countries. Headquartered in France, Linedata achieved revenues of €172.3 million in 2015. This company is listed on Euronext Paris compartment B FR0004156297-LIN - Reuters LDSV.LN - Bloomberg LIN: FP.
Gravitas is a leading collaborative outsourcing partner for the hedge fund space. Founded in 1996, Gravitas provides solutions for the front and middle office leveraging proprietary software, The Gravitas Platform, which is powered by The Gravitas Cloud. The company is based in New York with offices in Chicago, Greenwich, Mumbai and Ahmedabad, India.This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: LINEDATA SERVICES via Globenewswire