Euronext acquires remaining interest in iBabs

ACQUISITION OF THE REMAINING 40% INTEREST OF THE FAST-GROWING, INNOVATIVE BOARD PORTAL PLATFORM

Amsterdam, Brussels, Dublin, Lisbon, Oslo and Paris – 3 March 2021 – Euronext, the leading pan-European market infrastructure, today announced the acquisition of the remaining 40% interest in iBabs, a leading provider of dematerialised and secured board portal solutions for corporate and public organisations in Europe, held by the founders of the company who are now exiting the business after a successful transition period. As detailed at the time of Euronext’s acquisition of iBabs in July 2017, Euronext has exercised its call option on the remaining interest of iBabs for a consideration of €53.2 million[1], on a debt-free-cash-free basis, representing an Adjusted EBITDA 2020 multiple of 10x.

Since Euronext’s acquisition of a 60% stake in July 2017, iBabs has been a major contributor to Euronext Corporate Services performance. iBabs has reported high double-digit revenue growth every year, with compound annual growth rate of +33% between 2017 and 2020, while remaining cost-efficient and demonstrating the scalability of its SaaS model. Through its integration into Euronext Corporate Services, iBabs has expanded its footprint in Europe and doubled its number of clients and number of users, reflecting increasing needs for digital solutions, secured meeting management and continued product innovation.

Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:
“iBabs has been a continued driver of Euronext Corporate Services expansion over the last few years. Since our acquisition of the 60% stake in July 2017, iBabs has continued to develop its product offering while expanding its client base and geographic footprint. With iBabs, Euronext Corporate Service has positioned itself as a digital solutions provider both for public and private companies all across Europe thanks to its complete suite of services spanning from Governance, to Compliance, Communication and Investor Relations. Now that all Corporate Services entities are fully owned, Euronext has the ambition to continue to grow through a combination of geographic expansion and product innovation.”

[1] Enterprise value excluding pro rata share of normalized cash

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About Euronext
Euronext is the leading pan-European market infrastructure, connecting European economies to global capital markets, to accelerate innovation and sustainable growth. It operates regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal. With nearly 1,900 listed issuers and around €6.3 trillion in market capitalisation as of end September 2024, it has an unmatched blue-chip franchise and a strong diverse domestic and international client base. Euronext operates regulated and transparent equity and derivatives markets, one of Europe’s leading electronic fixed income trading markets and is the largest centre for debt and funds listings in the world. Its total product offering includes Equities, FX, Exchange Traded Funds, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices. The Group provides a multi-asset clearing house through Euronext Clearing, and custody and settlement services through Euronext Securities central securities depositories in Denmark, Italy, Norway and Portugal. Euronext also leverages its expertise in running markets by providing technology and managed services to third parties. In addition to its main regulated market, it also operates a number of junior markets, simplifying access to listing for SMEs.
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