Preqin, an alternative investment industry data provider, has bought a controlling stake in Baxon Solutions, a UK-based provider of cloud-based monitoring solutions for the private equity sector for an undisclosed sum.
The latest acquisition comes after the two firms formed a strategic partnership in January 2015.
Preqin said the deal will initially focus on further development of Baxon’s portfolio management and investor reporting platform, and expansion into other geographies.
Baxon founders- Jorge Hanson and Paula Espana- will continue to hold a minority holding in the firm after deal completion.
Preqin CEO Mark O’Hare said: “The private equity industry is facing a period of increasing reporting and regulator challenges, and Baxon’s platform is ideally placed to help fund managers in navigating them.”
London-based Baxon was set up in 2005. Baxon PCMS delivered a tailored platform to offer automated solutions to clients for carrying out a range of front and middle office activities, including monitoring, analysing, benchmarking and reporting on portfolio company and fund performance.
“Baxon has a tremendous reputation with its growing customer base, and delivers services of real and enduring value to private equity GPs and their LPs in valuing and monitoring their portfolio companies. Preqin is thrilled to be working with founders Jorge and Paula to further expand the service, and will be making significant further investments in growing the platform and developing the service for the benefit of its customers,” O’Hare added.