Insight-backed eVestment heads to finals

Final bids for eVestment, the portfolio company backed by Insight Venture Partners, are due later this month, two sources said.

Evercore is advising on the auction, Buyouts has reported. Strategic bidders still in contention for eVestment include Morningstar and Nasdaq. Private equity firms, including GTCR, are also in the running, people said. Final offers are due on Aug. 29, one of the people said.

Founded in 2000, eVestment provides institutional investment data and analytics. The Atlanta company is expected to produce about $30 million in 2017 EBITDA and is seen selling for more than $600 million, Buyouts said.

eVestment raised venture funding from Insight in 2008, PitchBook said. It’s unclear how much Insight provided. Silicon Valley Bank provided $19 million in debt to eVestment in November 2010. Salmon River Capital, the PE firm from Joshua Lewis, invested $1 million in 2005. Lewis is a former GP of both Warburg Pincus and Forstmann Little.

In August 2015, eVestment completed a $106.5 million dividend recap, which it used to pay a distribution to shareholders, PitchBook said.

The eVestment sale comes as other deals near finality. Vantiv on Wednesday clinched its $10 billion buy of Worldpay after extending the deadline to make a formal offer twice. The deal will create a $29 billion global payments powerhouse, Reuters said.

Last week, the board of Paysafe Group recommended a $3.89 billion takeover offer from Blackstone Group and CVC Capital Partners.

Evercore, Morningstar and GTCR declined comment. Executives for Insight, eVestment and NASDAQ could not be reached for comment.

Action Item: Email Deven Parekh, an Insight managing director, at dparekh@insightpartners.com

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