March 14 (Reuters) - (The following statement was released by the rating agency)
Fitch Group today announced it has acquired Business Monitor International (BMI), an independent provider of country risk and industry analysis specializing in emerging and frontier markets. Financial terms of the transaction were not disclosed.
The addition of BMI strengthens and expands Fitch Group's client offering in financial information services. Subscribers to BMI's products include decision makers at multinationals, governments, academia, financial institutions, investment funds and research centers in more than 160 countries.
Paul Taylor, President and CEO of Fitch Group, commented: "We are excited to add BMI's world-class research, data, and analytical capabilities to Fitch's global suite of financial information services. BMI and Fitch share a commitment to pairing robust data with sophisticated analysis to produce content that is insightful and accessible."
Richard Londesborough and Jonathan Feroze, Founders and Co-CEOs of BMI, commented: "The strategic fit between BMI and Fitch Group is excellent, not least in terms of the entrepreneurial culture shared by both companies. Clients will benefit from a broader platform of research products, greater global reach and Fitch Group's focus on growth."
BMI will continue to operate independently as Business Monitor International, a Fitch Group Company. Mr. Londesborough and Mr. Feroze will continue to lead BMI, reporting to Mr. Taylor. BMI was previously owned by growth equity investor Spectrum Equity in partnership with BMI Founders and employees.