EQT AB, a private equity firm, has agreed to sell Rimes Technologies to Five Arrows, Rothschild & Co.’s alternative assets division. The news of this acquisition was announced by EQT, with the company and its co-shareholders selling Rimes to Five Arrows Long Term Fund (FALT) and Five Arrows Principal Investments (FAPI).

Rimes Technologies, headquartered in New York City, provides data and tools for investment management. Founded in 1996, the firm serves some of the biggest names in asset management globally, representing over $75 trillion in assets under management. Clients include Bank of New York Mellon Corp. in the U.S. and Shell Plc in the U.K.

The exact sale price has not been disclosed, but reports suggest that the transaction values Rimes between 800 million euros ($852 million) and 900 million euros, including debt.

The partnership between EQT and Rimes began in February 2020 when EQT made a strategic investment in Rimes to enhance its regulatory technology and data management solutions. Rimes offers a suite of solutions, including Matrix IDM, an investment data management platform acquired in 2021, and a new AI product division.

Five Arrows, with global assets under management exceeding 26 billion euros ($27.6 billion), operates through its long-term fund FALT and principal investments division FAPI. Brad Hunt, CEO of Rimes, expressed excitement about the acquisition, stating that it will drive Rimes’ momentum and growth trajectory. Vivek Kumar and Sacha Oshry from FAPI also shared their enthusiasm about partnering with Rimes to tackle data challenges and drive success across various industries.

Private equity firms are increasingly divesting their portfolio companies as market valuations return to normal levels after a period of intense dealmaking.

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