EQT to sell data management tech firm Rimes to Five Arrows
Swedish investment firm EQT has agreed to sell Rimes to Rothschild & Co.’s alternative assets unit Five Arrows.
EQT sells Rimes to Five Arrows
Based in New York, Rimes provides enterprise data management and investment intelligence solutions that enable asset managers in the investment industry to source, validate and configure market data.
Its growth has been supported by EQT since 2020, when the firm made a “significant growth investment” to spur the further development of its technology.
Rime’s solution suite includes Matrix IDM, the Australian investment data management platform it acquired in 2021, while the company also created a new AI product division last year.
Five Arrows, which currently has global assets under management of more than €26 billion, has leveraged its long-term fund FALT and principal investments division FAPI to action the purchase.
The parties say they expect the transaction, the terms of which have not been disclosed, to close “in the coming months”, subject to regulatory approval.
Brad Hunt, CEO of Rimes, says the acquisition will “build upon our strong momentum going forward”, while FAPI partners Vivek Kumar and Sacha Oshry add that Five Arrows will now attempt to “unlock the next chapter of Rimes’ growth”.
