Nasdaq Inc. (NYSE:NDAQ) announced on Tuesday that it will acquire content and analytics company eVestment for US$705mln in a bid to extend its reach to buy-side clients.
The deal, which is expected to close in the fourth quarter, will be funded through a mix of cash on hand and debt.
eVestment has more than 2,000 clients, including 92% of the top asset managers, the exchange operator said.
Acquisition to enhance Nasdaq's technology and servce offerings
The company uses cloud-based services to help institutional investors to monitor market trends and make investment decisions. This service is expected to boost Nasdaq’s market data services business.
"As a trusted steward of the capital markets industry, 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," said Nasdaq's chief executive Adena Friedman.