BlackRock acquisition founder makes staff millionaires
The founder of a firm that is being acquired by BlackRock is sharing the success with his staff.
Mark O’Hare started the data analytics firm Preqin in 2002 and he and wife will become billionaires when the transaction closes. But O’Hare isn’t the only member of the Preqin team to benefit from the acquisition as the generous leader has decided share millions of dollars with employees.
Around $650 million from the sale of the firm will be shared by around 1500 Preqin employees and some of them will become millionaires, according to Fortune. It’s not the first time O’Hare has successfully grown and sold a data company; in 1998 he sold Citywatch to Reuters for a six-figure sum.
O’Hare will join BlackRock as a vice chair after the close of the transaction, which is expected to be towards the end of 2024.
“BlackRock is known for excellence in both investment management and financial technology, and together we can accelerate our efforts to deliver better private markets data and analytics to all of our clients at scale,” he said.
BlackRock wanted to add Preqin’s capabilities to its Aladdin private markets solution, which brings together the data, research, and investment process for fund managers and investors across fundraising, deal sourcing, portfolio management, accounting, and performance.
“Together with Preqin, we can make private markets investing easier and more accessible while building a better-connected platform for investors and fund managers. This presents a substantial opportunity for Aladdin to bridge the transparency gap between public and private markets through data and analytics,” said Sudhir Nair, Global Head of Aladdin.
The deal has not gone unnoticed by ratings firm Moodys, which expressed its concern
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