Nasdaq completes $705m buy-side analytics acquisition

eVestment has a client base of 2,000 investment companies with more than 90% of the top asset management firms.

Nasdaq has completed its purchase of buy-side analytics provider eVestment for $705 million in a bid to bolster its information business and buy-side reach.

eVestment offers institutional investors a database for traditional and alternative strategies with a client base of more than 2,000 firms and over 90% of the top asset management firms.

Adena Friedman, CEO at the exchange, explained at the time the acquisition was announced the combination of Nasdaq’s technology and eVestment will expand its reach to the buy-side.

“We view our partnership with eVestment as a means of strengthening Nasdaq’s support of the investment management industry through enhanced technology and service offerings,” she said.

“The investment management community is relying increasingly on independent data and advanced analytics to drive their key business decisions.”

The leadership team at eVestment will join Nasdaq and the business will be integrated into Nasdaq’s global information services business.

This is the second major acquisition for Nasdaq this year, after agreeing to buy market surveillance firm Sybenetix in July.

Sybenetix has been added to Nasdaq’s risk and surveillance business, which includes SMARTS and TradeGuard to provide improved technology and expertise to the buy-side.