Nasdaq set for $705m eVestment acquisition
Written by Chris Lemmon
Nasdaq has announced that it will acquire eVestment, a content and analytics provider used by asset managers, investment consultants and asset owners to help with institutional investment decisions.
eVestment provides institutional investors with a database for both traditional and alternative strategies, including as many as 2,800 individual data points on more than 74,000 investment vehicles. The firm has more than 2,000 clients, including 92 per cent of the top asset managers, 76 per cent of the top consulting firms and 80 per cent of the top 20 pension funds.
Adena Friedman, president and CEO of Nasdaq, commented: “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.”
Subject to customary conditions and approvals, Nasdaq will acquire eVestment for $705 million funded through a mix of debt and cash on hand. The deal is expected to close in the fourth quarter of 2017.