KUHN CAPITAL Sunday, February 25, 2018
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Regulation = IHI + CDC

December 1

In another deal highlighting the attractiveness of businesses that help clients navigate the turbulent waters of goverment regulation, info conglomerate Information Holdings Inc. (IHI) has purchased for about $19 million CDC Solutions, a vendor of regulatory content management solutions for the life sciences industry.

IHI, with revenues of about $140 million and a marketcap of about $470 million, sells publications, software, and related services to intellectual property managers (read IP lawyers), and the scientific and tech learning markets.

Some of IHI's more visible databases are MicroPatent, Master Data Center (or MDC, an IP portfolio management solution) and Liquent, a content assembly, publishing and IP management system for life sciences professionals.

Based in the UK, CDC helps its clients -- drug makers, biotech and medical device manufacturers -- furnish reports and filings for regulatory approval. The company's solutions make use of Documentum's content management software.

We like this "space". Publishers and software vendors who assist their clients in managing government relations are typically characterized by stable revenue growth and strong margins. We also like this deal: the synergistic rationale is obvious.

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