Nasdaq targets alternative data with Quandl acquisition

Nasdaq has acquired alternative data provider Quandl as the exchange group diversifies its technology and analytics offering.

US exchange operator Nasdaq has acquired Toronto-based alternative data specialist, Quandl, as it looks to expand its technology and analytics business.

Terms of the deal were not disclosed, but Nasdaq said it will combine Quandl with its Analytics Hub and the company will retain its brand name, location and management, and become part of the exchange’s Global Information Services business.

“Quandl will allow Nasdaq to partner more closely with the investing community as the industry continuously seeks ways to evaluate an endless supply of information to drive new insights, investment ideas and deliver alpha,” said Bjorn Sibbern, head of Nasdaq’s Global Information Services. “Quandl’s leadership, user community, and team of data scientists combined with Nasdaq’s alternative data group and global reach, will help our diverse client base derive a broad array of new investing opportunities.”

The alternative data provider was founded in 2012 in Toronto, and now has a client base including eight of the top 10 hedge funds and 14 of the 15 largest investment banks. Quandl has also established relationships with major data providers to provide institutional investors with access to data to inform trading and investing decisions.

Tammer Kamel, CEO of Quandl, commented that investors today are demanding actionable intelligence from new and expansive data sources at an increasingly rapid rate.

“Joining with Nasdaq will enable us to serve investors with strengthened real-time capabilities and greatly enhanced data hygiene and symbology. Our existing set of clients, including the world’s top hedge funds and investment banks, stand to benefit greatly from our mutual vision that data is going to become the primary driver of active investment performance over the next decade.”