Nasdaq To Acquire eVestment For $705M

Sep 5 2017 | 10:29pm ET

Nasdaq has agreed to acquire alternative asset data and analytics provider eVestment as the company continues its expansion beyond exchange operations and into data, content and technology capabilities. 

Well-known among hedge fund and other alternative asset managers, eVestment has more than 2,000 clients and a database covering more than 74,000 investment vehicles, according to a statement. 92% of the top asset managers, 76% of the top consulting firms and 80% of the top 20 pension funds are eVestment clients, the statement added. 

Consideration for the acquisition, which is expected to close in the fourth quarter of this year, will be $705 million funded through a mix of debt and cash, Nasdaq said. The deal remains subject to customary closing conditions. 

eVestment will be slotted into Nasdaq’s Global Information Services business, which houses the company’s data and index operations. Roughly one-quarter of Nasdaq’s second quarter revenue came from index and data operations, according to Bloomberg.

Nasdaq created the world's first electronic stock market, and its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. The publicly traded exchange is home to approximately 3,900 total listings with a market value of approximately $12 trillion.

Atlanta-based eVestment was founded in 2000 by Jim Minnick, Matt Crisp and Heath Wilson. The company boasts one of the largest, most comprehensive global databases of traditional and alternative strategies and provides institutional investment data intelligence and analytic solutions to clients worldwide.

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