Nasdaq to buy data provider eVestment for $705m

Nasdaq to buy data provider eVestment for $705m

Exchange operator Nasdaq has struck a $705 million deal to buy eVestment, a data, content and analytics platform for institutional investors.

EVestment provides a database for both traditional and alternative investment strategies, including as many as 2800 individual data points on more than 74,000 investment vehicles, on a subscription-based SaaS recurring revenue model which has delivered double-digit organic revenue growth.

The cash and debt deal - set to close in the fourth quarter - boosts Nasdaq's global information services unit, adding a business with more than 2000 clients, including 92% of the top asset managers, 76% of the top consulting firms and 80% of the top 20 pension funds.

Adena Friedman, CEO, Nasdaq, says: "The strategic alignment of eVestment with Nasdaq’s complementary technology and services to the global institutional investment industry, including our surveillance technology, Smarts, our recent Analytics Hub launch, as well as our long standing operation of the Mutual Fund Quotation Service, will further expand our buy side relationships, accelerate our growth opportunities, and advance our objectives to deliver proprietary analytics to our clients.”

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