German exchange group Deutsche Börse has acquired Need To Know News (NTKN), a provider of machine-readable news for trading algorithms.
NTKN will become a subsidiary of Market News International, a news agency which Deutsche Börse bought in January. Market News International is part of the exchange group’s market data and analytics division.
The purchase will enable Deutsche Börse to combine its high-speed data feeds with content from Market News International and NTKN.
“The acquisition of Need to Know News reflects our growth strategy with globally relevant information for algorithmic traders. We see an increasing demand from market participants pursuing automated trading strategies to integrate financial news and other event data into their algorithms, in addition to real-time market data,” said Holger Wohlenberg, managing director of Deutsche Börse’s market data and analytics division, in a statement.
According to Deutsche Börse, the price it paid for NTKN was in the single-digit million dollar range and includes a performance related payment. NTKN is based in Washington DC and has 25 employees.