(Bloomberg) -- EQT AB agreed to sell data management company Rimes Technologies to Five Arrows, the alternative assets arm of Rothschild & Co.

EQT and its co-shareholders sold the business to Five Arrows Long Term Fund and Five Arrows Principal Investments, the Swedish firm said in a statement Tuesday, confirming a report by Bloomberg News.

The sale price wasn’t disclosed. The transaction values Rimes at between €800 million ($870 million) and €900 million, including debt, people familiar with the matter said.

Private equity firms are stepping up disposals of portfolio companies as valuation expectations begin to normalize after what’s been a tough 18 months for dealmaking, and amid increasing pressure from their own investors for cash back.

Rimes provides data and investment management tools to companies ranging from US custody giant Bank of New York Mellon Corp. to British oil major Shell Plc, according to its website. Rimes, which was founded in 1996, serves 60 of the world’s top 100 asset managers, as well as the 10 largest asset servicers in the world.

Its customers represent more than $75 trillion of global assets under management. EQT invested in the business in 2020 for an undisclosed amount. 

Dealmaking in technology is picking up after months of disappointing volumes. Buyout firm Leonard Green & Partners late last year agreed to buy a stake in Iris Software from Hg in a deal that values the company at about £3.15 billion ($4 billion).

EQT and Rimes were advised by Evercore Inc., while Five Arrows was advised by Jefferies Financial Group Inc. 

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