FactSet has acquired BISAM Technologies for $205.2 million from Aquiline Capital Partners and company insiders.
With more than 160 employees worldwide, BISAM is a provider of portfolio performance and attribution, multi-asset risk, GIPS composites management and reporting.
“As investment processes and asset types become more complex, the financial community is seeking increased insight and transparency on performance and risk across their enterprises,” explained Phil Snow, CEDO, FactSet. “Over the past 20 years, we have continuously invested to evolve our analytics solutions through innovation, acquisition, and strategic relationships. The combination of BISAM and FactSet allows us to better serve the critical workflows throughout the portfolio lifecycle and fulfill our clients’ need for more consistent performance and risk data, throughout their organizations.”
Christophe Volard, global head of Product Development, Performance & Attribution, and a co-founder of BISAM said, “Joining FactSet provides BISAM with an exciting opportunity to create scale and bring our industry-leading performance and risk systems to a broader market. Together, we expect to offer significant advantages to our mutual and respective clients, while creating a collaborative, global environment for our employees.”
According to a related 8-K filing, FactSet borrowed $575 million under a new revolving credit facility agented by PNC Bank to fund the transaction and repay existing debt.
The credit agreement also allows FactSet, subject to certain requirements, to arrange for additional borrowings with the lender for an aggregate amount of up to $225 million, provided that any such request for additional borrowings must be in a minimum amount of $25 million. At FactSet’s option, a borrowing may be in the form of a base rate loan or a LIBOR rate loan.