FactSet Acquires idaciti, Inc.

Rhea-AI Summary

FactSet has acquired idaciti, Inc., an innovator in data structuring and collection technology, as part of its investment program to digitally transform its content collection infrastructure. The acquisition will accelerate the delivery of critical data sets and enhance FactSet's coverage and depth of proprietary content. The transaction closed on July 11, 2023 and is not expected to have a material impact on FactSet's fiscal 2023 results.

Continued Investment to Scale FactSet’s Content Refinery

NORWALK, Conn., July 12, 2023 (GLOBE NEWSWIRE) -- FactSet (NYSE: FDS | NASDAQ: FDS), a global financial digital platform and enterprise solutions provider, announced the acquisition of idaciti, Inc. (“idaciti”), an innovator in data structuring and collection technology. This acquisition expands on FactSet’s multi-year investment program to digitally transform its content collection infrastructure. It also accelerates time-to-market for delivering critical data sets upon which next-generation workflows are built. The transaction closed on July 11, 2023 and is not expected to have a material impact on FactSet’s fiscal 2023 results.

“FactSet is committed to increasing not only the coverage and depth of our core proprietary content, but also the granularity of data collected, particularly across Deep Sector and sustainability, where we are seeing strong client demand and opportunity for differentiation,” said John Costigan, Executive Vice President and Chief Data Officer, FactSet. “We are excited to work with the idaciti team and will continue investing to scale FactSet’s content refinery to provide the most comprehensive and connected inventory of client, proprietary, and third-party content.”

Founded in 2015, idaciti applies a “taxonomy-first” approach to structuring information from company disclosures, regulatory filings, and proprietary document repositories. It has combined this expertise with machine learning-assisted technology to capture and standardize data at an exceptional level of granularity, quality, and speed. The platform uses a modern collection workflow for both structured and unstructured content to connect data discovery, normalization, and quality assurance in a single, iterative process.

“We are delighted to become a part of FactSet, given the strong cultural fit and shared purpose to unlock the power of data and insight,” said Emily Huang, Co-Founder and CEO, idaciti. “Combining with FactSet will amplify and scale the use of idaciti’s cutting-edge technology to help the investment community uncover new insights with increasing speed, accuracy, and efficiency.”

About FactSet 

FactSet (NYSE:FDS | NASDAQ:FDS) helps the financial community to see more, think bigger, and work better. Our digital platform and enterprise solutions deliver financial data, analytics, and open technology to over 7,500 global clients, including over 185,000 individual users. Clients across the buy-side and sell-side as well as wealth managers, private equity firms and corporations, achieve more every day with our comprehensive and connected content, flexible next-generation workflow solutions, and client-centric specialized support. As a member of the S&P500, we are committed to sustainable growth and have repeatedly scored 100 on the Human Rights Campaign^® Corporate Equality Index and been recognized amongst the Best Places to Work in 2023 by Glassdoor as a Glassdoor Employees’ Choice Award winner. Learn more at www.factset.com and follow us on Twitter and LinkedIn. 

FactSet

Investor Relations Contact:
Kendra Brown
+1.203.810.2684
kbrown@factset.com

Media Relations Contact:
Megan Kovach
+1.512.736.2795
megan.kovach@factset.com

FAQ

What did FactSet acquire?

FactSet acquired idaciti, Inc., an innovator in data structuring and collection technology.

What is the purpose of the acquisition?

The acquisition is part of FactSet's investment program to digitally transform its content collection infrastructure and accelerate the delivery of critical data sets.

What are the expected benefits of the acquisition?

The acquisition will enhance FactSet's coverage and depth of proprietary content and provide increased granularity of data collected, particularly in Deep Sector and sustainability areas.

When did the transaction close?

The transaction closed on July 11, 2023.

Will the acquisition impact FactSet's fiscal 2023 results?

No, the acquisition is not expected to have a material impact on FactSet's fiscal 2023 results.