Sept. 26 (Bloomberg) -- Reed Elsevier Plc, the owner of the LexisNexis database, agreed to buy Accuity Holdings Inc. from Investcorp for 343 million pounds ($530 million) in cash.
Accuity, a U.S. provider of online data for the financial- services industry, is “highly complementary” with Reed Elsevier’s Bankers’ Almanac and LexisNexis Risk Solutions, the London-based company said in a statement today.
Reed Elsevier said in July that first-half revenue fell 3 percent on currency swings and asset sales. The company last year sold off parts of its Reed Business Information trade- magazine unit, including all U.S. publishing operations except the Variety title. At the same time, the company has increased investment in product development and sales and marketing to tap growth in electronic data offerings.
Accuity will be integrated into Bankers’ Almanac and share combined data assets with LexisNexis Risk Solutions. The acquisition will boost Reed Elsevier’s adjusted earnings from the outset and is expected to close in the fourth quarter, according to the company.
“This move seems to take Reed further away from front office business and into a more crowded, less proprietary field in direct competition with software/process companies,” Giasone Salati, a London-based analyst at Espirito Santo Investment Bank, said in a note.
--Editors: Jerrold Colten, David Risser
To contact the reporter on this story: David Altaner in London at email@example.com
To contact the editor responsible for this story: Chris Peterson at firstname.lastname@example.org