New Delhi, June 4 (IANS) Leading investment firm Blackstone has acquired media and data company International Data Group (IDG) for $1.3 billion.

Private equity funds managed by Blackstone entered into a definitive agreement to acquire IDG from Oriental Rainbow, a subsidiary of China Oceanwide Holdings Group.

Founded in 1964, IDG provides market intelligence for the fast-growing technology industry.

"The high-quality data, analytics, and insights IDG delivers to technology leaders are only becoming more critical as the pace of growth and innovation accelerates," said Peter Wallace, Global Head of Core Private Equity at Blackstone.

"IDG has a trusted brand and deep knowledge of tech suppliers and buyers, and our investment will help the company accelerate its plans for creating even more advanced product offerings across its business," he said in a statement late on Thursday.

IDG has a collection of tech publications that includes CIO, Computerworld, InfoWorld, Macworld, Network World, PCWorld and Tech Hive.

The new ownership will allow IDG to invest significantly in additional opportunities for ongoing growth across its technology and product portfolio, including strategic acquisitions to extend its market leadership position.

"Additional capital investment from Blackstone will allow us to cultivate our rich history of innovation and accelerate our product roadmaps to bring our customers the deeper insights and data they need to succeed in today's rapidly evolving digital economy," added Mohamad Ali, CEO of IDG.

IDG and its subsidiaries have made multiple recent acquisitions to further increase its capabilities for its customers.

In 2020, it purchased Triblio to expand its software-as-a-service platform and bolster its ability to support robust marketing activation programs.

Last month, it acquired Metri to increase its rich IT pricing dataset, adding IT budget and operations benchmarking and sourcing services.

"As technology ecosystems become increasingly competitive and complex to navigate, the need for deep market intelligence has become a requirement for established and disruptive technology companies alike," said Vikram Suresh, Managing Director at Blackstone.