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Battery Ventures acquires IHS stake in Kings Park Capital
IHS GmbH verified that Battery Ventures had now obtained the group's entire stake in Kings Park Capital, a London, UK-based independent equity investment company. IHS GmbH is a provider of marketing and technology solutions for the international hospitality sector. Battery Ventures is a private investment company that targets investments in the technology and innovation sectors worldwide. The financial details of the acquisition, however, were not revealed.
Under the terms of the agreement, Steve Rowley, Executive in Residence of Battery Ventures, will join IHS GmbH as chief executive officer and chairman of the board. Battery Ventures' Morad Elhafed and Dave Tabors will also join IHS's board of directors. Steve Rowley will be replacing Michael Ball as the company's chief executive officer and David Richardson as chairman of the supervisory board.
"Since joining the Battery team and working alongside them on the due diligence for this investment, I have been impressed with the IHS management team, track record, product set and happy customers. Having Battery as a strategic and financial partner will help accelerate growth and continue to deliver high quality, innovative solutions to customers worldwide. This is a large and strategic market and I look forward to working with the team to fuel both organic growth and to aggressively pursue acquisitions to expand the value we can deliver to customers," incoming IHS CEO and chairman Steve Rowley said.
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