Funds affiliated with private equity firm Warburg Pincus LLC have agreed to invest in Reorg Research Inc., a provider of news, commentary, and analysis on issues affecting the distressed debt, event-driven and leveraged finance markets.
Terms of the deal were not disclosed in a news release announcing the deal. However, the Financial Times said, citing " people familiar with the situation," that Warburg Pincus is acquiring a controlling stake in Reorg Research in a transaction that values the latter at between $375 million and $400 million.
Founded in 2013, Reorg Research uses proprietary technology to collect data in real-time and apply machine learning and natural language processing to filter the information. The company currently has six software as a service-based products, and caters to hedge funds, investment banks, law firms and financial advisers.
Evercore served as financial adviser to Reorg Research and Weil Gotshal & Manges LLP acted as its legal counsel in connection with the transaction. Kirkland & Ellis LLP served as legal counsel to Warburg Pincus.
