Euromoney Institutional Investor PLC (LON:ERM) has acquired 100% of the business and assets of Extel, the group which runs the annual independent survey of quality across the European equities investment community, for an undisclosed sum from WeConvene.
The FTSE 250-listed international business information and events group said Extel will be integrated into its Institutional Investor Research business which is known for its sell-side analyst and corporate IR performance research and rankings.
READ: Euromoney agrees US$180.5mln sale of Global Markets Intelligence Division to consortium led by CITIC Capital
The Extel Survey began in 1974 and in 2017 over 15,500 investment professionals cast 1.1mln votes across the investment industry, providing an unparalleled dataset to help clients analyse and drive their market understanding.
Euromoney said the acquisition of Extel fits within its strategy of investing in its main themes, specifically asset management.
Will Rowlands-Rees, MD of Institutional Investor Research, said: "Although a small business Extel has a strong reputation in the European market, and is highly complementary to our existing Institutional Investor Research offerings.
“By integrating these businesses, we will create a unique bulge bracket through domestic broker view of research product evaluation in the European market at a time of tremendous market change driven by MiFID II.”