Interactive Data pays $25.3m for Xcitek market data assets

Interactive Data pays $25.3m for Xcitek market data assets

Interactive Data Corporation has signed an agreement to acquire the market data assets of New York-based Xcitek for $25.3 million in cash.

Xcitek's market data business provides a broad range of North American corporate actions data, including reorganisation data, cost basis and class action data. The firm provides content to over 2000 financial institutions via a range of delivery platforms including electronic datafeeds, proprietary Web-based offerings and a network of redistributors. The business generated 2006 revenue of $9.0 million, with operating expenses, including depreciation, of $7.3 million.

The unit currently employs approximately 45 people. The vast majority are expected to join Interactive Data following the acquisition.

Interactive Data says the new unit is an important part of its plans to expand its reference data services.

"Interactive Data continues to see growing interest from institutional customers for reference data and related services, which are used in both departmental and enterprise-wide applications that span the front, middle and back office," says Stuart Clark, president and chief executive officer of Interactive Data. "With the addition of Xcitek Market Data, we believe we will be better positioned to directly collect and deliver a broader range of mission-critical content, address our customers' emerging enterprise-wide content and application requirements, and to further advance our efforts to automate key data collection and delivery processes."

The transaction is expected to be completed within the next few weeks, subject to customary closing conditions.

The acquisition does not include the XcitekSolutionsPlus and Xcitek Consulting Services units of Xcitek.

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