Nasdaq is buying eVestment for $705 million in a deal that
will expand its reach among buy-side investors.
EVestment, a data and analytics provider for the asset
management industry, has more than 2,000 clients, including 92
percent of the top asset managers, 76 percent of the top
consulting firms and 80 percent of the top 20 pension funds,
according to a statement Tuesday by Nasdaq. The firm
will fund the deal through a mix of debt and cash on hand.
The investment management community is relying
increasingly on independent data and advanced analytics to
drive their key business decisions, including asset allocation
and investment choices, Adena Friedman, Nasdaq president
and CEO, said in the statement.
The deal will help eVestment, which has seen a 12 percent
annual growth rate since 2013, provide its clients with new and
expanded product offerings, according to Jim Minnick, the
firms chief executive officer and co-founder.
The combined organization will allow us to grow our
core business while tapping into Nasdaqs technology
expertise, leading data and software products, and global
distribution, Minnick said in the statement.
The deal is expected to be completed in the fourth