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BlackRock to buy French software firm eFront for $1.3 billion

BlackRock said it would buyback about 3.1 mn of its shares at $412.84 apiece under its existing repurchase program

International News  |  Blackrock


World's biggest asset manager BlackRock Inc said on Friday it would buy French investment software provider eFront from private equity firm Bridgepoint and eFront employees for $1.3 billion in cash. BlackRock plans to integrate eFront with its investment platform Aladdin, which is used by more than 225 institutions around the world. Aladdin began as an internal tool at the company before becoming the linchpin of BlackRock's plan to increase revenues from technology. It is used by investment managers to help to oversee risks and make investment decisions. ALSO ...

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First Published: Sat, March 23 2019. 01:43 IST