Nasdaq , a leading global provider of trading, clearing, exchange technology, listing, information and public company services, announced today its acquisition of Toronto-based alternative data provider, Quandl, according to a report by Finextra.
Founded in 2012, Quandl is a provider of alternative data to a 30,000-strong customer base, including the majority of the largest hedge funds and banks in the region. The company provides information on capital markets, energy, shipping, healthcare, education, demography, economics and society via its database.
According to Finextra: “The acquisition fits in with Nasdaq's recent efforts to reposition as a capital markets technology and analytics provider and comes at a time when the exchange is under pressure over market data fees.”
Last year, accounting and professional services giant Deloitte estimated that spending on alternative data may exceed US$7bn annually by 2020. As such, acquiring an in-house alternative data source in Quandl is seen by Nasdaq as “an attractive addition”.
"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, head, global information services, Nasdaq.
Tammer Kamel, Quandl CEO, said in a press release 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.”