Deutsche Börse has acquired US financial news outfit Need to Know News, in an effort to raise the profile of its market data and analytical offerings with algorithmic traders.
Based in Washington, Need to Know News has 25 employees and is billed by the German exchange as a 'pioneer' in the delivery of machine-readable news for automated dealing engines.
The German bourse says it has acquired the company outright for "a US$ amount in the one digit million range including a performance-related payment".
Holger Wohlenberg, managing director of Deutsche Börse market data & analytics division, says the deal is part of its growth strategy in the algorithmic trading space. "We see an increasing demand from market participants pursuing automated trading strategies to integrate financial news and other event data into their algorithms, in addition to real-time market data."