European exchanges giant Euronext buys company aiming for paperless board meetings

 
Jasper Jolly
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Euronext wants paperless board meetings (Source: Getty)

Euronext has acquired a Dutch firm aiming to create a paperless office in the latest in a series of buys by the European exchanges giant.

The Amsterdam-headquartered firm, which runs the benchmark French stock index, the Cac 40, today announced the purchase of a 60 per cent stake in online board portal iBabs for €30.1m (£26.6m).

iBabs, also based in the Netherlands, provides a digital portal for members of corporate boards in an attempt to do away with paper, allowing them to rein in the printing of thousands of pages of reports at every board meeting.

Euronext said the move will help firms listing on its exchanges with governance and more efficient work within management teams.

Read more: Euronext buys into currency trading with FastMatch

Euronext, which was spun out from Intercontinental Exchange in 2014, has been on a buying spree in recent months after announcing a new growth strategy in May 2016.

In May of this year it bought Fastmatch, a currency trading firm, for $153m. In February it bought another Dutch corporate services firms, Company Webcast, for €3.6m.

Euronext is also positioning itself to be one of the beneficiaries of Brexit if business leaves the City of London.

Stéphane Boujnah, chairman and chief executive Euronext, commented: “The acquisition of iBabs will enable organisations, both listed and non-listed, private and public, to run more efficiently thanks to this fully digital solution. This acquisition reinforces our commitment to making corporates’ life easier, safer and more productive.

“It also demonstrates our commitment to deliver growth and profitability to shareholders through a strict M&A discipline.”

Read more: Euro clearing will almost definitely leave London, this exchange boss says

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