EQT adds managed data services company RIMES to portfolio
Acquisitive Swedish investor EQT, which is buying Zayo in a joint venture with Digital Colony, has made “a significant growth investment” in RIMES, a provider of managed data services for financial institutions.
Neither EQT nor RIMES, founded in New York in 1996 but now global, would say how much was being invested.
Christian Fauvelais, RIMES’s CEO, president and co-founder, said EQT will support and accelerate execution of the company’s strategic vision. According to LinkedIn, Fauvelais is based in London, as are many of RIMES’s other senior staff.
Victor Englesson (pictured), partner at EQT Partners, commented: “RIMES is perfectly aligned with EQT’s thematic investment approach and focus on software, data and services. EQT is excited to partner with Christian to support the continued development of RIMES and to help it achieve its full potential.”
Fauvelais said: “EQT’s values strongly align with ours, and their expertise in data, software and services businesses makes them a great partner as we move to deepen our client relationships and further grow our presence in the data management space across all regions.”
RIMES says it “pioneered the delivery of customised market and reference data via the cloud and has built a strong reputation for ensuring best-in-class data quality”. It added: “Today RIMES serves more than 350 asset managers, owners, servicers and banks in 45 financial centres globally, including 60 of the top 100 global investment managers and nine of the top 10 asset servicers in the world.”
Robert Maclean, managing director at EQT Partners, said: “We have been very impressed by RIMES’s achievements, and EQT looks forward to working with the team during the next stage of the company’s growth.”
EQT announced last month that it is raising €14 billion in a new funding round. Its infrastructure division owns companies such as GlobalConnect, Inexio, IP-Only and Maltese telco Melita.
The biggest deal known to be on EQT’s books at the moment is its joint venture with Marc Ganzi’s Digital Colony to buy Zayo for total of $14.3 billion, an agreed deal expected to be completed in the first half of this year.