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Nasdaq to acquire data analytics firm eVestment in $705m deal

BBR Staff Writer Published 07 September 2017

Nasdaq has agreed to acquire eVestment, a data analytics and service provider in a deal worth $705m.

eVestment is a data and analytics provider, whose services are used by asset managers, investment consultants and asset owners.

The data analytics company claims to have more than 2000 clients, including 92% of the top asset managers, 76% of the top consulting firms and about 80% of the top 20 pension funds.

Nasdaq president and CEO Adena Friedman said: "The investment management community is relying increasingly on independent data and advanced analytics to drive their key business decisions, including asset allocation and investment choices. eVestment is the definitive source from asset managers of critical fund-level and investment-level data and analytics to enable asset owners to make informed decisions."

eVestment has a database for both traditional and alternative strategies, with 2800 individual data points on more than 74,000 investment vehicles.

By acquiring eVestment, Nasdaq is expected to enhance its global information services business by expanding its reach into the buy-side. Nasdaq’s data and index operations when integrated with eVestment’s institutional focus is claimed to result in the creation of new solutions and expanded distribution to support the community of asset management.

The acquisition is subject to regulatory approval and Nasdaq plans to complete it using a fund with a mix of debt and cash in hand. The deal is expected to be closed in the last quarter of this year.

eVestment CEO and co-founder Jim Minnick said: “Our leadership team is excited to join Nasdaq. We believe the combined organization will allow us to grow our core business while tapping into Nasdaq's technology expertise, leading data and software products, and global distribution."

Image: Nasdaq to acquire eVestment for $705m. Photo: Courtesy of eVestment.