Case Study

BMI is a macroeconomic and industry research firm offering risk and structural analysis on countries, industries and companies.

Spectrum identified London-based Business Monitor International (BMI) as a distinctive information services provider, offering highly structured, consistent coverage and employing a unique ‘Total Analysis’ methodology applied to global forecasting, risk ratings and analysis.

BMI’s founders chose to partner with Spectrum based on the firm’s experience scaling similar information services companies and flexible approach to ownership & governance. By the time of BMI’s acquisition by Fitch Ratings, the company had grown its global subscriber base to over 8,000 businesses, banks, governments and academia worldwide, including 400 of the Global Fortune 500 and its analysis covered 175 countries and 24 industries.

Senior Management Recruitment

Spectrum played an active role in recruiting Simon Longfield as CFO and Stephen Potter (former CIO at portfolio company World-Check) as CIO.


BMI expanded its global content coverage and opened offices in New York, Singapore, Hong Kong, and Cape Town.

Operational Improvements

Spectrum assisted management with operational improvements including upgrading financial reporting and the planning of BMI’s next generation portal platform.


Following a comprehensive review of the M&A landscape, the company acquired Espicom, a specialist provider of business intelligence on the medical device, pharmaceutical and therapeutic industries.

Revenue Growth

BMI’s revenue grew by 27% annually and its premium Business Monitor Online service grew from 45% to 80% of revenue.


Fitch Group Acquires Business Monitor International

The addition of BMI strengthens and expands Fitch Group's client offering in financial information services creating a robust and insightful content platform.

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Academic Rights Press Partners with BMI

Business Monitor Online database is the latest publisher to join the ever-growing list of resources distributed by Academic Rights Press into the UK academic sector.

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Business Monitor International Receives Investment from Spectrum Equity

The growth investment from Spectrum Equity will accelerate the expansion of BMI's portfolio of services, and position the company to execute on its global expansion strategy.

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