Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.
Pan-European exchange Euronext, the leading in the Eurozone with nearly 1,300 listed issuers, announced the acquisition of 80% of the capital of insider list management firm InsiderLog. The deal is worth €5.8 million, plus an earn-out payment depending on future financial performance. The founding team of InsiderLog will remain in place and help grow the business.
InsiderLog is a web-based, GDPR-compliant platform based on an annual subscription model and has already attracted more than 170 clients including renowned blue chip companies, banks and law firms since its recent creation in November 2016.
Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said: “The acquisition of InsiderLog will address a growing need from issuers in Europe, by helping them manage their insider lists via an efficient and time-saving solution. This acquisition will complement the existing Euronext Corporate Services offering and will deliver further growth and profitability to our shareholders, as announced in our Agility for Growth strategic plan.“
The Stockholm-based company 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), including the creation and management of insider lists for all market sensitive projects by every listed company, their advisors and listed bond issuers.
Besides the creation and management of insider lists and related information collection workflows, InsiderLog supports compliance officers with the ability to report to regulators in a standardized format, and manages the administration of Persons Discharging Managerial Responsibilities (PDMR) as well as the closed period before each financial report.
All companies with listed instruments in the European Union are subject to the new MAR insider list requirements, with non-compliance penalties of up to €2.5 million or 2% of their turnover. The acquisition is part of Euronext’s Agility for Growth strategic plan, aiming to create more value for issuers, notably through the development of a complete Corporate Services franchise.
This solution will be integrated into the Euronext Corporate Services offering, alongside existing services such as Euronext’s webcasting platform, investor relationship management tool and innovative board portal solution.
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. Financial centres where Euronext has established European Tech Hub teams will also have access to the solution, including Madrid, Milan, Zurich, Frankfurt and Munich.
John Engholm, Managing Director of InsiderLog, said: “We are very pleased to join Euronext. We want to facilitate the life of corporate issuers, and together with Euronext we will develop a true pan-European business. Having become the leading player for insider lists management in the Nordics, Euronext’s support will enable us to broaden and accelerate our development across Europe.”