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Wednesday, June 13, 2018

Two Data Giants Combine

Reported by Bridget Doyle

Discovery Data, a provider of financial service and insurance industry data, unveiled a new acquisition last week, bringing its coverage to more than 20,000 individual users and 1,200 institutions. Based in Eatontown, New Jersey, the data-giant has acquired Financial Media Group (FMG), a data, marketing, and recruitment company focused on the financial services industry.

"I am excited to welcome our new clients from Financial Media Group," states Bob Herrmann, CEO of Discovery Data. "Acquiring Financial Media Group allows us to accelerate the investments we have been making to advance our offerings even further."

Discovery Data, which was itself acquired in 2016 by private equity firm Bregal Sagemount in a deal that merged Discovery with Meridian-IQ, is taking an acquisitive stance, according to Bregal Sagemount partner Arjun Mehta.

"Our thesis was: let's do the most we can to bring in really strong data, not only on professionals, but across companies and a number of data fields," Mehta tells MFWire, referencing the 2016 Discovery-Meridian deal. He explains that the merger and acquisition were the first step in a growth plan, saying, "I think the acquistion of FMG further enhances the dataset, further enhances the product we can bring to our customers -- I think it's going to be a win win in terms of service quality for all the customers of Meridian, Discovery, and now FMG as well"

Mehta also notes that Discovery and FMG customers will have access to more data across the industry, citing an increase from 2 million unique professional profiles available through the FMG database to more than 2.4 million following the acquistion. The larger data platform also lends itself to real time, responsive service and product development, according to Mehta.

"We're always looking for attractive combinations that better the customer experience," says Mehta, adding, "I think we'd be interested in further deals."

Mehta declined to comment on pricing and terms of the deal. 

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