It’s been a busy week for private equity, with Cloudera, Stack Overflow and FireEye coming off the board on Tuesday and Wednesday. Today Blackstone bought media and data company IDG for $1.3 billion. The company had been owned by Oriental Rainbow, LLC, a subsidiary of China Oceanwide Holdings Group, Co. Ltd.
Company CEO Mohamad Ali is hoping that Blackstone can infuse more capital into the company to keep building on its software services with a data focus. “Additional capital investment from Blackstone will allow us to cultivate our rich history of innovation and accelerate our product roadmaps to bring our customers the deeper insights and data they need to succeed in today’s rapidly evolving digital economy,” Ali said in a statement.
That sounds like he wants to increase his data bet. It seems that the data side of the business was particularly attractive to Blackstone as well. “The high-quality data, analytics and insights IDG delivers to technology leaders are only becoming more critical as the pace of growth and innovation accelerates,” Peter Wallace, Global Head of Core Private Equity at Blackstone said in a statement.
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