RIMES, a specialist in Managed Data Services for financial institutions, has secured an investment from EQT.EQT will make a significant growth investment and together with Christian Fauvelais, RIMES’ CEO, President and Co-Founder, EQT will support and accelerate execution of the Company’s strategic vision.
Founded in 1996, RIMES provides connected data insights to the investment industry, working with more than 350 asset managers, owners, servicers and banks and 500 data partners globally. Its clients include 60 of the top 100 global investment managers by AUM and 9 of the top 10 asset servicers in the world.
RIMES uses technology-enabled, people-powered data services to provide around the clock tailored insight to clients of its Managed Data Services (MDS) and RegTech (RegFocus) solutions. MDS provides the buyside with timely high-quality data to meet their unique operational requirements, while RegFocus ensures regulatory compliance via an automated system calibrated to specific requirements.
The investment from EQT allows RIMES to expand its RegTech and data management solutions and extend its existing partnerships and capabilities as well as serve new clients across the investment industry.
Christian Fauvelais, CEO, President and Co-Founder of RIMES, says: “We are excited to partner with EQT for the next stage of our growth. 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. The partnership will accelerate our ongoing commitment to our existing clients across data management and RegTech and allow us to increase the pace at which we can invest in new technology and infrastructure to bring new solutions to the market, including in areas such as ESG and ETF data.
“We are committed to developing the best people and technology to provide the most valuable and connected data insights to the investment industry anytime, anywhere. This partnership with EQT takes us one step further towards our vision of a global investment industry able to rely on quality data management.”
Victor Englesson, Partner at EQT, says: “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.”
Robert Maclean, Managing Director at EQT, says: “We have been very impressed by RIMES’ achievements, and EQT looks forward to working with the team during the next stage of the Company’s growth, driven by continued investment in core solutions, support for the recently launched services in ESG and ETF data, and further enhancement of RIMES’ RegTech and broader data management offerings.”
The transaction is subject to customary conditions and approvals and is expected to close in the first quarter of 2020. Morgan Stanley & Co. LLC served as exclusive financial advisors to RIMES Technologies Corporation.