FactSet funded the acquisition by borrowing $265 million under its existing revolving credit facility today.

Portware Acquisition

First announced on September 22, 2015, the transaction enables FactSet to support client workflows in additional segments of the investment process. Portware is an award-winning, multi-asset execution management system (EMS) that is trusted by the world's largest asset managers. Together, FactSet and Portware expect to provide the investment community with state-of-the-art analytic and execution applications across more of the portfolio lifecycle, from analyst to portfolio manager to trader.

"We are excited to bring Portware into the FactSet family and we are confident that our clients will benefit from the proven innovation and talented leadership behind our combined efforts," said Phil Snow, CEO of FactSet.

Alfred Eskandar, CEO of Portware, added, "We are thrilled to provide FactSet's clients with our multi-asset EMS that will deliver smart automation and streamlined workflows to address their global trading needs."

The world's top-performing financial professionals rely on FactSet's financial research, insights, and analytics. Portware embeds its solutions into each client's trading ecosystem, emphasizing the automation of simpler trade executions and enabling traders to focus on adding more value to their most complex trades. FactSet and Portware plan to provide more powerful tools and services to align a firm's portfolio strategy more closely with its trade execution.

Updated Business Outlook for the First Quarter of Fiscal 2016

The following forward-looking statements reflect FactSet's expectations as of today's date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially. FactSet does not intend to update its forward-looking statements until its next quarterly results announcement, other than in publicly available statements.

First Quarter Fiscal 2016 Expectations (the expectations below include the results from the acquisition of Portware)

• Revenues are expected to range between $270 million and $274 million.
• Operating margin is expected to range between 32.0% and 33.0%.
• The annual effective tax rate is expected to range between 31.0% and 32.0%, and assumes the U.S. Federal R&D tax credit will not be re-enacted by the end of the first quarter of fiscal 2016.
• GAAP diluted EPS should range between $1.44 and $1.46. Transaction fees of approximately $1 million related to the Portware acquisition have been excluded from this GAAP diluted EPS range.
• The lapse in the U.S. Federal R&D tax credit on December 31, 2014, reduced each end of the GAAP diluted EPS range by $0.02 compared to the recently completed fourth quarter. If the U.S. Federal R&D tax credit is re-enacted by November 30, 2015, diluted EPS would range between $1.49 and $1.51. FactSet would also recognize an income tax benefit of $0.14 per share if the R&D tax credit could be retroactively applied to previous periods.