US exchange operator Nasdaq has agreed to snap up Solovis, a fintech firm serving institutional investors. The transaction value was not revealed.
Solovis offers multi-asset class portfolio management, reporting, and analytics through a cloud-based platform.
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Under the agreement, Solovis will be integrated with the eVestment business, which Nasdaq acquired in 2017 in a $705m deal.
As a result, the services offered by Solovis such as the supervision of portfolios, performance, and risk across asset classes will become available to eVestment’s institutional investor base of over 600.
Solovis co-founder and CEO Josh Smith said: “Our mission aligns seamlessly with eVestment’s and makes us well-positioned to capture the opportunities inherent in the evolving global markets landscape. We are excited to join the Nasdaq family through this acquisition.”
The deal is said to align with Nasdaq’s plan to maximise opportunities as an analytics provider to capital markets, and its return on investment capital goals.
Nasdaq will absorb Solovis employees including co-founders Smith and Caleb Doise as part of the deal.
They will remain based at Dallas, Charlottesville as well as San Francisco.
eVestment co-head Jerrod Stoller said: “Combined, we bring tremendous decision-making power to our investor clients, pre- and post-investment, across public and private markets.”
In 2017, Nasdaq also announced the purchase of Sybenetix, a UK-based provider of regulatory technology.
