Nasdaq is buying eVestment, a data and content provider to asset managers, for $705m of cash and debt in the latest step to expand the group’s technology, data and analytics businesses.
Known most commonly as the operator of the eponymous US equities exchange, Nasdaq has over the last decade diversified as the profitability in trading equities has shrunk with regulatory change and heightened competition.
The latest acquisition comes as chief executive Adena Friedman, who took the helm of the company in January, has repeatedly signaled data and technology as areas of focus and growth for Nasdaq.
“It is an evolution of our strategy,” she told the FT, adding that “our clients’ needs are expanding and evolving rapidly with the data available and the technology advancing.”
Investors are among Nasdaq’s clients along with corporate issuers of stock, brokers and other exchanges.
eVestment runs a database on both traditional and alternative investment strategies. A pension fund, for example, may use the service for performance and other details in selecting hedge fund investments. In all, eVestment includes as many as 2,800 individual data points on more than 74,000 investment vehicles. It sells to investment managers, consulting firms and pension funds.
“There are a lot of new strategies becoming available and a lot more need for data and analytics to make investment decisions,” Ms Friedman said.
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