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Data analytics provider $VRSK to acquire Boston, Massachusetts based PowerAdvocate, a provider of market, cost intelligence, and supply chain solutions. The purchase price is $200MM in cash, funded through existing bank facilities, subject to typical closing adjustments, and an earnout of up to $80MM. The transaction is expected to close in 4Q17.
$VRSK appointed Lee Shavel as EVP and CFO. SVP Eva Huston will pursue opportunities outside Verisk following a three-month period transitioning responsibilities to Shavel. Shavel most recently served as EVP and CFO of Nasdaq Inc., from 2011 to 2016.
$VRSK signed a definitive agreement to acquire LCI, a provider of risk insight, prediction, and management solutions for banks and creditors. LCI is based in Burlingame, California. The purchase price is $151MM, to be paid in cash to stockholders of LCI. The transaction is expected to close during 3Q17, subject to customary closing conditions.
$VRSK signed a definitive agreement to acquire a insurance and reinsurance software specialist Sequel from HgCapital and other Sequel shareholders. The transaction, that is expected to close in 3Q17, is expected to be neutral to 2017 adjusted earnings per share and accretive to 2018 adjusted earnings per share.
$VRSK agreed to buy G2 Web Services, a provider of merchant risk intelligence solutions, for $112MM, which will be paid in cash to stockholders of G2. G2 Web Services will become part of Argus, a Verisk Analytics business. The transaction is expected to close during 3Q17.
Data analytics provider $VRSK reported 4% drop in its 4Q16 earnings, hurt by acquisition related costs and other expense. The net income fell to $109.3MM, or $0.64 per share, compared to $113.8MM, or $0.67 per share during 4Q15. Revenues grew 6% YoY to $506.1MM. Excluding items, $VRSK earned $0.80, up 8%.
Data analytics provider $VRSK acquired MarketStance, a provider of market intelligence data and analytics to the property, casualty insurance market. MarketStance will become part of ISO, a Verisk Analytics business, post transaction completion and Fritz Yohn will continue to lead the business.
Risk assessment major $VRSK said it has received "some very nice acceptance and interest" from some of the largest players in the space for its newly launched energy insurance unit. "We have a couple development partners and we are anxiously looking to move forward and trying to move as quickly as we can...," the company said on a conference call.
$VRSK reported slightly higher earnings from continuing operations in 3Q16, helped by higher revenues from continuing operations compared to 3Q15. Income from continuing operations was $127.6MM or $0.74 per diluted share compared to $124.2MM last year. Revenue from continuing operations was up 5.9% from 3Q15 to $498.1MM.