Euronext acquires InsiderLog for €5.8m
Pan-European exchange Euronext has acquired 80% of the capital of InsiderLog, a Stockholm-based insider list management firm for a cash consideration of €5.8 million.
InsiderLog automates the management of insider lists in “a way that both saves time and ensures compliance“ with the requirements of the Market Abuse Regulation (MAR).
MAR requires every listed company, their advisors and listed bond issuers to create and manage insider lists for all market sensitive projects.
According to Euronext, InsiderLog supports compliance officers with this responsibility and manages the administration of Persons Discharging Managerial Responsibilities (PDMR) and the closed period before each financial report.
Stéphane Boujnah, CEO and chairman of the managing board of Euronext, says the deal “will complement the existing Euronext corporate services offering”. In the Eurozone, it has nearly 1,300 listed issuers.
Euronext adds that the acquisition is part of its “Agility for Growth” plan, announced in May 2016, as it plans the development of a “complete corporate services franchise”.
The InsiderLog solutions will be distributed across the five core Euronext markets, in Belgium, France, the Netherlands, Portugal and the UK, as well as in Ireland as soon as the acquisition of the Irish Stock Exchange is completed – and in financial centres where Euronext has established European tech hub teams such as Madrid, Milan, Zurich, Frankfurt and Munich.
According to Euronext, the founding team of InsiderLog will remain in place.
InsiderLog was founded 2016 and was initially designed and developed by the legal team of Serendipity, an investment firm in Sweden with five listed companies in its portfolio. InsiderLog has 170 clients including blue chip companies, banks and law firms.