PARIS -- (Marketwire) -- 01/24/13 -- Fitch Group has acquired the entire capital of 7city, a leading provider of learning and development solutions for the financial services industry. The acquisition will be self-financed. The financial terms are not disclosed due to the competitive environment in which the transaction is taking place.
7city was formed in 2000. Based in London with offices in New York, Singapore and Dubai, the company has over 150 employees. Recognized by finance professionals and analysts for the quality of its innovative training methods, 7city serves a broad spectrum of top-tier financial institutions, companies and organizations.
Fitch Group's strategy for this acquisition is to combine 7city with its Fitch Training unit, more specialized in credit and risk training, to form "Fitch 7city Learning", a global leader in finance, financial analysis and credit risk analysis training. The new entity will be led by Paul Shaw, 7city's current CEO, who will be tasked with leveraging the synergies and strong fit between the 7city and Fitch businesses, with the goal of capturing the unique growth opportunity represented by the business combination.
Fitch 7city Learning will be a third business segment for Fitch Group, alongside Fitch Ratings and Fitch Solutions, whose research and databases are widely used and appreciated by finance specialists. It represents a natural diversification, targeting the same financial community and leveraging Fitch's expertise and global footprint. As a reminder, Fitch Group reported revenue of EUR621.9 million for the 12 months from October 1, 2011 to September 30, 2012, an increase of 12.7% like-for-like over the comparable period (at constant exchange rates and perimeter).
January 23, 2013
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: FIMALAC via Thomson Reuters ONE
Phone: +33 1 47 53 61 81
|11:15 AM||Craft Festival Returns to Delray Beach Tennis Center Memorial Day Weekend|
|11:15 AM||Domain Mediaries Announces Its Offering of MyAlgo.com, FundMoi.com, and HologramCelebs.com|
|11:15 AM||Save the Children Announces $500,000 Contribution to Flood Relief Efforts in Mozambique|
|11:15 AM||Oceanwide Ranked as 2013 RAVE Award Winner|
|11:04 AM||Leading Hedge Fund Managers Present Ideas at First-Ever Las Vegas Value Investing Congress|
|11:04 AM||Ferrum Americas Mining Closes Private Placement Financing|
|11:01 AM||MyAssist Offers Free Assistance to Tornado Victims|
|11:00 AM||Pathways.org Releases New Videos on Sensory Issues|
|11:00 AM||DataStax Continues Rapid Global Expansion -- Hires Senior Executive From SAP to Lead Worldwide Field Operations|
|11:00 AM||Vishay Intertechnology to Showcase Leading MLCCs and Surface-Mount and Wire-Bondable Thin Film Products at IMS 2013|
|11:00 AM||Start Making Profits Now With KEY, AUY, EBAY and WMB|
|11:00 AM||Before the Crowd, How We Found JPM, PPHM, BSX and GLW|
|11:00 AM||EasilyDo Comes to Android|
|11:00 AM||SMART's Telephone Communication Is Rolling Along Smoothly Thanks to Toshiba's IPedge Business Telephone Systems|
|11:00 AM||Bitdefender Launches Free Clueful for Android App to Protect Users From Privacy Invasion|
|11:00 AM||Avangate Named "Cool Vendor in E-Commerce" by Gartner|
|11:00 AM||Jobvite Selected as Winner in the 17th Annual Webby People's Voice Awards|
|11:00 AM||AnchorFree Announces Top Contenders in Hotspot Shield College Privacy Challenge|
|11:00 AM||Sonnenblick-Eichner Company Arranges $59,500,000 of Financing for the St. Regis Deer Valley, Deer Valley, Utah|
|11:00 AM||Bill.com Offers Free Webinar on How to Stay in Control and Keep Projects on Target During Summer Vacation Season|
|11:00 AM||SquareTrade's Steve Abernethy Recognized as One of Top Five Best CEOs in Bay Area|
|11:00 AM||Wmode to Add New Functionality to Ingage(TM) Self-Care|
|10:59 AM||Aurora Flight Sciences Receives SBA's Tibbetts Award|
|10:58 AM||Heroes Wear Jeans, Food Shelves Gain Generous Donations During Minnesota FoodShare Month|
|10:55 AM||Napa/Sonoma Heart Surgeon and His Wife Unveil a New Winery That Places Women's Heart Health at the Core of Their Family-Run Business|
|10:55 AM||Minister Ritz Announces Reappointment to the Canadian Dairy Commission|
|10:52 AM||Chiurazzi Foundry of Italy and Geoffrey M. Curley + Associates of the USA to Co-Develop Museum Exhibition, The Lost Wax Method: Preservation of Italian Sculpture|
|10:51 AM||Prolifics Receives IBM Highest Achiever Award at Exceptional Web Conference in Chicago|
|10:47 AM||City National Bank of Florida Voted Best Business Bank by Readers of the Daily Business Review|
|10:45 AM||Positive Patient Outcomes at One Year With Edwards Sapien XT Transcatheter Valve|
|More Press Releases From Marketwired News Releases|