Glass Lewis & Co. acquired IVOX GmbH, a Karlsruhe, Germany-based provider of proxy advisory and corporate governance services for institutional investors, the firms announced jointly in a statement.
Terms of the deal were not disclosed, Katherine Rabin, CEO of Glass Lewis, said in an interview.
The newly created IVOX Glass Lewis and the team from IVOX will continue to be based in Karlsruhe. The new firm will be a subsidiary of Glass Lewis Europe, a unit of Glass Lewis.
Alexander Juschus, co-founder of IVOX, will be general manager of the new German firm.
“As part of our ongoing commitment to providing clients with superior global governance expertise, we are delighted to add (Mr.) Juschus and his experienced team of IVOX analysts to Glass Lewis,” Ms. Rabin said in the statement.
The IVOX team’s coverage of 2,500 European companies will complement the research being produced from Glass Lewis Europe’s headquarters in Limerick, Ireland, Ms. Rabin added.
Glass Lewis and IVOX plan to integrate their technology and research offerings over the coming months to provide the combined clients with the services, the statement said.
IVOX has more than 30 institutional clients in Europe, according to its website.
IVOX was owned by some employees and outside individual investors, Ms. Rabin said.
Glass Lewis, which has more than 1,200 pension fund and other institutional clients and covers about 18,000 companies worldwide, is owned 80% by the C$154.4 billion ($124 billion) Ontario Teachers’ Pension Plan, Toronto, and 20% by the C$80 billion Alberta Investment Management Corp., Edmonton.
