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Nasdaq to expand data analytics with eVestment acquisition

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Stock exchange Nasdaq is to buy data and analytics firm eVestment in a bid to extend its own data analytics business to fund managers.

The acquisition will cost $705 million (€592 million), funded through debt and cash.

eVestment provides investment data to do with funds and mandates, while its analytics tools are used by 2,000 clients such as asset managers and asset owners to make institutional investment decisions.

Nasdaq said the deal would provide it with a combination of “recurring, predictable revenue, a strong track record of growth and attractive cash flow dynamics” and expand buy-side relationships.

“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,” said Adena Friedman, president and CEO, Nasdaq.

Friedman also said the deal would advance Nasdaq’s objectives to deliver proprietary analytics.

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