Bowmark sells Data Explorers to Markit
Data Explorers, the provider of data and analysis of stock that is being lent in the market, has been sold by private equity firm Bowmark Capital to information services company Markit.
Bowmark acquired Data Explorers in April 2007. Since then it has expanded into the US and Asia, and developed its product range to meet demand from a broader range of institutional clients. Sales and profits have grown at a compound annual rate of 30% and 40% respectively, with staff increasing from 35 to 100 over the period.
The company’s data are available through Bloomberg, FactSet and Thomson Reuters.
Charles Ind, Bowmark managing partner, said: “Data Explorers is a superb business with an outstanding management team led by Donal Smith. Over the past four years, we have worked with the company to expand dramatically the business into new geographic areas and new markets. The company is now well positioned to continue its strong record of growth as part of the Markit group.”
Donal Smith, chief executive of Data Explorers, said: “With support from Bowmark Capital, Data Explorers has achieved fantastic growth over the last four years. We have more than doubled revenues and tripled profitability with new product innovation and expansion into Europe, North America and Asia. Data Explorers is now the leading provider of data and analytics to the entire securities finance market from agent lenders through to hedge funds and our services are a great fit with those offered by Markit.”
Markit started as a supplier of data on credit default swaps in 2001. It has grown to more than 2,000 staff working out of 16 offices globally. The business is headquartered in London, and owned by staff, private investors and both buy- and sell-side institutions.