New York-based Nasdaq Inc. is buying Toronto-based provider of alternative and core financial data Quandl Inc., the exchange operator announced Tuesday.
Terms of the deal were not disclosed.
Nasdaq plans to combine Quandl with its existing analytics hub business, as part of its strategy to maximize opportunities as a technology and analytics provider to the capital markets, the company says in a news release.
“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,” says Bjorn Sibbern, executive vice president and head of Nasdaq’s global information services business, in a statement.
“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.”
With a customer base that includes hedge funds, asset managers and investment banks, Quandl delivers financial, economic and alternative data to over 400,000 analysts worldwide.
The firm was founded in 2012 and is backed by Nexus Venture Partners and August Capital.
“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,” says Tammer Kamel, CEO of Quandl, in a statement.