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III

Information Services

$3.42

-0.09 (-2.56%)

17:35
12/01/16
12/01
17:35
12/01/16
17:35

ISG acquires Alsbridge Holdings for total consideration of $74M

Information Services Group, or ISG, announced the acquisition of Alsbridge Holdings to create a new industry powerhouse in technology research, advisory and digital transformation services. The "new" ISG will serve more than 700 blue-chip clients - including 75 of the 100 largest enterprises in the world - up 35% from ISG alone, and its global team will grow by approximately 20%, to 1,300 research and advisory professionals. The firm will offer a broader range of services, deeper proprietary data and market intelligence, and more extensive expertise to help enterprise, government, and service and technology provider clients leverage digital technologies to achieve operational excellence. ISG expects its acquisition of Alsbridge will deliver significant financial benefits to the firm and create long-term value for ISG shareholders. ISG expects to generate $7M of annual cost savings within 18 months. These synergies will improve EBITDA margins and drive organic growth. The firm's preliminary 2017 outlook targets revenues in the range of $285M-$300M and adjusted EBITDA between $36M-$38M, and ISG expects the transaction to be accretive to 2017 earnings per share. ISG is paying a total consideration of $74M, comprised of $56M of cash, $11M of ISG stock and a $7M seller's note. To align their interests with those of ISG shareholders, Alsbridge management will receive a substantial portion of their consideration in the form of ISG stock. In a separate transaction, existing ISG shareholder Chevrillon & Associes SCA is purchasing 3 million shares of ISG stock for $12M. Proceeds will be used for working capital and general corporate purposes. "As a shareholder of ISG since 2011, we are in full support of Mike and the ISG management team and the long-term growth strategy they have set for the firm," said Cyrille Chevrillon, president. "We view this transformational transaction as a key component of this growth strategy, and in support of it, we are pleased to make a significant additional investment in the firm." ISG will take a fourth-quarter, one-time charge of approximately $6M for severance and other deal-related costs.

III Information Services
$3.42

-0.09 (-2.56%)

01/15/16
MACQ
01/15/16
DOWNGRADE
Target $3.6
MACQ
Neutral
Information Services downgraded to Neutral from Outperform at Macquarie
Macquarie analyst Matthew Brooks downgraded Information Services to Neutral and lowered his price target to $3.60 from $5.50 on shares. Brooks believes the outsourcing advisory market will be impacted by weakening global manufacturing PMI and Information Services will see continued headwinds from currency in 2016.
01/15/16
01/15/16
DOWNGRADE

On The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: American Midstream Partners (AMID) downgraded to Market Perform at Wells Fargo... Best Buy (BBY) downgraded to Underperform from Neutral at Wedbush... CONE Midstream (CNNX) downgraded to Market Perform from Outperform at Wells Fargo... Campbell Soup (CPB) downgraded to Underweight from Equal Weight at Barclays... Citizens & Northern (CZNC) downgraded to Hold from Buy at Sandler O'Neill... Coca-Cola Femsa (KOF) downgraded to Neutral from Buy at Goldman... Columbus McKinnon (CMCO) downgraded to Neutral from Accumulate at Seaport Global... Commvault (CVLT) downgraded on sales cycle outlook at Sterne Agee CRT... CrossAmerica (CAPL) downgraded to Market Perform from Outperform at Wells Fargo... D.R. Horton (DHI) downgraded to Neutral from Buy at UBS... Disney (DIS) downgraded to Underweight from Equal Weight at Barclays... Dover (DOV) downgraded to Market Perform from Outperform at Bernstein... EnLink Midstream (ENLC) downgraded to Market Perform from Outperform at Wells Fargo... Ericsson (ERIC) downgraded to Hold from Buy at Deutsche Bank... F5 Networks (FFIV) downgraded on sales cycle outlook at Sterne Agee CRT... Garmin (GRMN) downgraded to Underperform from Neutral at Credit Suisse... Genesis Energy (GEL) downgraded to Market Perform from Outperform at Wells Fargo... Hyatt (H) downgraded to Sell from Neutral at Goldman ... Information Services (III) downgraded to Neutral from Outperform at Macquarie... Novartis (NVS) downgraded to Underweight from Equal Weight at Barclays... PROS (PRO) downgraded on bookings, outlook at Stifel... PennTex (PTXP) downgraded to Market Perform from Outperform at Wells Fargo... Phibro Animal Health (PAHC) downgraded to Underweight from Overweight at Barclays... Plains All American (PAA) downgraded on lack of catalysts at RBC Capital... Royal Gold (RGLD) downgraded to Market Perform from Outperform at BMO Capital... Speedway Motorsports (TRK) downgraded to Neutral from Outperform at Macquarie... Summit Midstream (SMLP) downgraded to Market Perform from Outperform at Wells Fargo... Textura (TXTR) downgraded to Sell from Buy at Benchmark... The Fresh Market (TFM) downgraded to Underperform from Peer Perform at Wolfe Research... TransAlta (TAC) downgraded to Market Perform from Outperform at BMO Capital... Western Gas Equity (WGP) downgraded to Market Perform from Outperform at Wells Fargo... Williams Partners (WPZ) downgraded to Market Perform from Outperform at Wells Fargo... Wolseley (WOSYY) downgraded to Underperform from Neutral at Exane BNP Paribas... Yamana Gold (AUY) downgraded to Market Perform from Outperform at Raymond James.

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