New York based private equity firm Bregal Sagemount announced this morning that it has acquired Discovery Data, Inc., the leading provider of data on retail financial services industry firms and professionals, from Ipreo, LLC. As part of the transaction, Discovery Data also acquired Meridian-IQ, a provider of online databases and advisor market information. Bregal Sagemount’s growth-focused investment helped facilitate the combination of the two businesses, and establishes Discovery Data as the leading provider in the wealth management data sector.
“We are very excited to be working with the Bregal Sagemount team,” said Bob Herrmann, CEO of Discovery Data. “Sagemount’s experience investing in leading financial technology companies and growth-oriented capital will be invaluable to Discovery Data as we accelerate new product development and enhance our competitive position within this sector.”
“These acquisitions provide us the opportunity to bring together two leading companies in the wealth management information sector,” said Bregal Sagemount Partner Daniel Kim. “The demand for this comprehensive data set is expanding rapidly, and our investment will provide Discovery Data the resources to continue its expansion.”
Discovery Data, Inc. provides the financial services industry with access to all broker-dealers and registered investment advisors, over 680,000 reps, 2,300 trust companies, and 1.8 million insurance agents via a cloud-based system with in-depth firm and professional profiles. Encompassing hundreds of fields of data, sophisticated search capabilities, and business intelligence, Discovery Data provides its clients the tools to follow industry trends and mine key data. Additional services include a comprehensive data hygiene program, a sophisticated Salesforce CRM data integration app, extensive data feeds to populate and update any CRM or data warehouse, data-driven market insight and strategic guidance. The acquisition of Meridian-IQ expands Discovery Data’s client coverage to nearly 900 institutions and over 20,000 users across asset managers, wealth managers, custodians, clearing firms, insurance companies and service providers.
Bregal Sagemount’s investment team for Discovery Data also includes Blair Greenberg and Arjun Mehta. GrowthCap LLC served as financial advisor to AIQ. Hunton & Williams LLP provided legal counsel to Bregal Sagemount.
About Bregal Sagemount
Bregal Sagemount is a growth-focused private capital firm with $650 million in committed capital. The firm provides flexible capital and strategic assistance to market-leading companies in high-growth sectors across a wide variety of transaction situations. Bregal Sagemount invests $15 million to $150 million per transaction into targeted sectors including software, digital infrastructure, healthcare IT / services, business and consumer services, and financial technology / specialty finance. For more information, please visit www.sagemount.com.