Euronext has acquired a 60% stake in iBabs in July 2017, with an option to buy the remaining stake for a consideration of €53.2m
European stock exchange Euronext has acquired the remaining 40% stake in iBabs, a provider of cloud-based board portal solutions.
Founders of the company who held the remaining stake, currently purchased by Euronext, would exit the business following the completion transition period.
The stock exchange has acquired a 60% stake in iBabs in July 2017, with an option to buy the remaining stake for a consideration of €53.2m, on a debt-free-cash-free basis.
The purchase price for the remaining stake represents an adjusted EBITDA 2020 multiple of 10x, said Euronext.
Euronext CEO and chairman Stéphane Boujnah said: “iBabs has been a continued driver of Euronext Corporate Services expansion over the last few years.
“Since our acquisition of the 60% stake in July 2017, iBabs has continued to develop its product offering while expanding its client base and geographic footprint.”
Following the initial acquisition of a 60% stake by Euronext, iBabs has been a major contributor to Euronext Corporate Services performance.
With its integration into Euronext Corporate Services, the company has expanded its footprint in Europe.
iBabs has reported high double-digit revenue growth annually, with a compound annual growth rate of +33% between 2017 and 2020.
Also, the company has increased its number of clients and users, addressing the riding need for digital solutions, secured meeting management and continued product innovation.
Boujnah added: “With iBabs, Euronext Corporate Service has positioned itself as a digital solutions provider both for public and private companies all across Europe thanks to its complete suite of services spanning from Governance, to Compliance, Communication and Investor Relations.
“Now that all Corporate Services entities are fully owned, Euronext has the ambition to continue to grow through a combination of geographic expansion and product innovation.”
Euronext is a large-scale stock exchange in Europe, operating regulated exchanges in Belgium, France, Ireland, The Netherlands, Norway and Portugal.