Data management provider Rimes, which caters to the asset management sector, is being sold by investment firm EQT to Five Arrows, although specific terms of the agreement remain undisclosed.
EQT and its co-shareholders have reached an agreement to sell Rimes to Five Arrows, the alternative assets division of Rothschild & Co. Bloomberg has reported that the deal values the data firm between €800 million and €900 million, including debt.
Founded in 1996, Rimes collaborates with 60 of the world’s top 100 asset managers and the 10 largest asset servicers, addressing complex data challenges. Their proprietary, multi-tenant cloud technology platform offers data management solutions designed to enable clients to make informed investment decisions, enhance cost efficiency, and minimize operational risk.
EQT invested in Rimes in 2020, during which time the company has developed into a comprehensive Enterprise Data Management as a Service and Investment Management Platform.
Seif Khoufi and Constantin Sabet d’Acre, managing director and director of Five Arrows Long Term Fund, praised the Rimes team for their ambitious vision and impressive track record in growing and scaling the company with a strong customer-centric approach.