FactSet Acquires LiquidityBook
FactSet (NYSE: FDS | NASDAQ: FDS) has announced the acquisition of LiquidityBook for $246.5 million in cash. LiquidityBook provides cloud-native trading solutions and operates a proprietary FIX network connecting over 200 brokers across 80 global markets.
The acquisition builds on a previous partnership that integrated LiquidityBook's order management system (OMS) into FactSet Workstation. This merger aims to enhance FactSet's ability to serve integrated workflow needs by combining LiquidityBook's modern order management, pre-trade compliance, and investment book of record (IBOR) capabilities with FactSet's existing solutions.
LiquidityBook, founded in 2005 and headquartered in New York with approximately 70 employees, offers a modular platform for multi-asset class portfolio management. The transaction closed on February 7, 2025, funded through FactSet's existing revolving credit facility, and is expected to be modestly dilutive to FactSet's fiscal 2025 GAAP and adjusted diluted EPS.
FactSet (NYSE: FDS | NASDAQ: FDS) ha annunciato l'acquisizione di LiquidityBook per un importo di 246,5 milioni di dollari in contanti. LiquidityBook offre soluzioni di trading native nel cloud e gestisce una rete FIX proprietaria che collega oltre 200 broker in 80 mercati globali.
L'acquisizione si basa su una precedente partnership che ha integrato il sistema di gestione degli ordini (OMS) di LiquidityBook nella FactSet Workstation. Questa fusione ha come obiettivo quello di migliorare la capacità di FactSet di soddisfare le esigenze di flusso di lavoro integrato, combinando la gestione moderna degli ordini di LiquidityBook, la conformità pre-trade e le capacità di investment book of record (IBOR) con le soluzioni esistenti di FactSet.
LiquidityBook, fondata nel 2005 e con sede a New York e circa 70 dipendenti, offre una piattaforma modulare per la gestione di portafogli multi-asset class. L'operazione si è chiusa il 7 febbraio 2025, finanziata attraverso la linea di credito revolving esistente di FactSet, e si prevede che avrà un modesto impatto diluitivo sull'utile per azione GAAP e sull'EPS diluito rettificato di FactSet per il 2025.
FactSet (NYSE: FDS | NASDAQ: FDS) ha anunciado la adquisición de LiquidityBook por un total de 246,5 millones de dólares en efectivo. LiquidityBook proporciona soluciones de trading nativas en la nube y opera una red FIX propietaria que conecta a más de 200 corredores en 80 mercados globales.
La adquisición se basa en una asociación previa que integró el sistema de gestión de órdenes (OMS) de LiquidityBook en la FactSet Workstation. Esta fusión tiene como objetivo mejorar la capacidad de FactSet para satisfacer las necesidades de flujo de trabajo integrado al combinar la moderna gestión de órdenes, la conformidad previa a la operación y las capacidades del libro de registro de inversiones (IBOR) de LiquidityBook con las soluciones existentes de FactSet.
LiquidityBook, fundada en 2005 y con sede en Nueva York, cuenta con aproximadamente 70 empleados y ofrece una plataforma modular para la gestión de carteras de clases de activos múltiples. La transacción se cerró el 7 de febrero de 2025, financiada a través de la línea de crédito giratoria existente de FactSet, y se espera que tenga un impacto dilutivo moderado en el EPS GAAP y EPS diluido ajustado de FactSet para el año fiscal 2025.
FactSet (NYSE: FDS | NASDAQ: FDS)는 LiquidityBook을 현금으로 $246.5 백만에 인수했다고 발표했습니다. LiquidityBook은 클라우드 기반의 거래 솔루션을 제공하며 80개 글로벌 시장에 걸쳐 200명 이상의 중개인을 연결하는 독점 FIX 네트워크를 운영합니다.
이번 인수는 LiquidityBook의 주문 관리 시스템(OMS)을 FactSet Workstation에 통합했던 이전 파트너십을 기반으로 하고 있습니다. 이 합병은 LiquidityBook의 현대적인 주문 관리, 사전 거래 준수 및 투자 기록부(IBOR) 기능과 FactSet의 기존 솔루션을 결합하여 FactSet이 통합된 작업 흐름 요구를 충족하는 능력을 강화하는 것을 목표로 합니다.
2005년에 설립되어 뉴욕에 본사를 두고 있으며 약 70명의 직원을 보유한 LiquidityBook은 다양한 자산 클래스 포트폴리오 관리를 위한 모듈식 플랫폼을 제공합니다. 이 거래는 2025년 2월 7일에 종료되었으며, FactSet의 기존 회전 신용 시설을 통해 자금을 조달했으며, 2025 회계연도 GAAP 및 조정된 희석 EPS에 대해 다소 완화적인 영향을 미칠 것으로 예상됩니다.
FactSet (NYSE: FDS | NASDAQ: FDS) a annoncé l'acquisition de LiquidityBook pour un montant de 246,5 millions de dollars en espèces. LiquidityBook fournit des solutions de trading basées sur le cloud et opère un réseau FIX propriétaire reliant plus de 200 courtiers à travers 80 marchés mondiaux.
Cette acquisition repose sur un partenariat antérieur qui a intégré le système de gestion des ordres (OMS) de LiquidityBook dans la FactSet Workstation. Cette fusion vise à renforcer la capacité de FactSet à répondre aux besoins d'un flux de travail intégré en combinant la gestion moderne des ordres, la conformité préalable aux transactions et les capacités de livre d'enregistrement des investissements (IBOR) de LiquidityBook avec les solutions existantes de FactSet.
LiquidityBook, fondée en 2005 et ayant son siège à New York avec environ 70 employés, propose une plateforme modulaire pour la gestion de portefeuilles de classes d'actifs multiples. La transaction a été finalisée le 7 février 2025, financée par la facilité de crédit renouvelable existante de FactSet, et devrait avoir un impact dilutif modéré sur l'EBIT et l'EPS dilué ajusté de FactSet pour l'année fiscale 2025.
FactSet (NYSE: FDS | NASDAQ: FDS) hat die Übernahme von LiquidityBook für 246,5 Millionen Dollar in bar bekannt gegeben. LiquidityBook bietet cloudbasierte Handelslösungen an und betreibt ein proprietäres FIX-Netzwerk, das über 200 Broker in 80 globalen Märkten verbindet.
Die Übernahme basiert auf einer vorherigen Partnerschaft, die das Order-Management-System (OMS) von LiquidityBook in die FactSet Workstation integriert hat. Diese Fusion zielt darauf ab, die Fähigkeit von FactSet zu verbessern, integrierte Arbeitsflussbedürfnisse zu bedienen, indem die modernen Funktionen von LiquidityBook für das Order-Management, die Compliance vor dem Handel und die Investment-Buchführung (IBOR) mit den bestehenden Lösungen von FactSet kombiniert werden.
LiquidityBook, die 2005 gegründet wurde und ihren Sitz in New York hat und etwa 70 Mitarbeiter beschäftigt, bietet eine modulare Plattform für das Management von Multi-Asset-Klassen-Portfolios an. Die Transaktion wurde am 7. Februar 2025 abgeschlossen, finanziert über die bestehende revolvierende Kreditfazilität von FactSet, und wird voraussichtlich einen moderaten Verwässerungseffekt auf das GAAP und das adjustierte verwässerte EPS von FactSet für das Geschäftsjahr 2025 haben.
- Strategic acquisition enhancing FactSet's front and middle office capabilities
- Access to LiquidityBook's extensive network of 200+ brokers across 80 markets
- Integration of modern cloud-native trading solutions into existing platform
- Expansion of service offerings through complementary technology
- Transaction expected to be dilutive to fiscal 2025 EPS
- $246.5 million cash expenditure impacts balance sheet
- Increased debt through credit facility borrowing
Insights
This strategic acquisition marks a significant enhancement to FactSet's workflow automation capabilities in the institutional investment space. The
- Technology Integration: The merger combines FactSet's research and analytics platform with LiquidityBook's modern cloud-native OMS, creating a more cohesive front-to-middle office solution. This integration could significantly reduce operational friction and technology costs for institutional clients.
- Market Coverage: LiquidityBook's extensive network reaching 80 markets globally through 1,600+ routing destinations substantially expands FactSet's execution capabilities and market connectivity.
- Competitive Positioning: This acquisition strengthens FactSet's position against competitors like Bloomberg and Refinitiv, particularly in the OMS space where cloud-native solutions are increasingly preferred over legacy systems.
- Financial Impact: While modestly dilutive to FY2025 earnings, the deal's strategic value lies in its potential to drive long-term growth through cross-selling opportunities and expanded service offerings. The purchase price appears reasonable given LiquidityBook's technological capabilities and client base.
The integration risks appear manageable given the existing partnership between the companies and their complementary technology stacks. The transaction positions FactSet to capture a larger share of institutional clients' technology budgets by offering a more comprehensive, integrated solution set.
Integrating adjacent workflows across the front office to connect the full portfolio life cycle
Adds technology-forward order management (OMS) and investment book of record (IBOR) capabilities
NORWALK, Conn., Feb. 10, 2025 (GLOBE NEWSWIRE) -- FactSet (NYSE: FDS | NASDAQ: FDS), a global financial digital platform and enterprise solutions provider, today announced the acquisition of LiquidityBook for a gross purchase price of
LiquidityBook provides cloud-native trading solutions to hedge fund, asset and wealth management, outsourced trading, and sell-side middle office clients and operates a proprietary FIX network that enables streamlined connectivity to over 200 brokers and order routing to more than 1,600 destinations across 80 markets globally.
Over the past year, the two companies partnered to enable a turnkey integration of LiquidityBook’s flagship order management system (OMS) into the FactSet Workstation to seamlessly link adjacent steps in the front office trade workflow, from security research and portfolio construction to order creation and trade execution. The acquisition takes this successful partnership one step further to accelerate FactSet’s mission to connect the front office with the middle office. FactSet’s ability to serve the integrated workflow needs of clients across the portfolio life cycle will be enhanced by combining LiquidityBook’s modern and scalable order management, pre-trade compliance, and investment book of record (IBOR) capabilities with FactSet’s industry-leading investment research, execution management, performance, reporting, and portfolio analytics solutions.
“This acquisition is further evidence of FactSet’s commitment to streamlining workflows across the entire portfolio life cycle to reduce our clients’ total cost of ownership,” said Rob Robie, Executive Vice President, Head of Institutional Buy Side, FactSet. “Clients want to spend their time on actionable investment decisions, not jumping between disparate research, portfolio management, and trading platforms. Deeper integration of LiquidityBook’s OMS and IBOR into the FactSet Workstation will enable a consolidated front office solution that meets the increasingly sophisticated needs of our clients.”
Founded in 2005 and headquartered in New York with approximately 70 employees worldwide, LiquidityBook offers a modular platform for the full trading life cycle, enabling multi-asset class portfolio, order, and execution management capabilities. Architected to scale on a cloud-native, multi-tenant foundation, its solutions enable clients to track intraday portfolio holdings, initiate and monitor trade orders, ensure pre-trade and regulatory compliance, manage client/broker commissions, and process post-trade reconciliations through a single code base for every use case.
“Since inception, LiquidityBook has focused on developing a modular solution on scalable architecture purpose-built to support the most sophisticated multi-asset trading workflows with a distinct advantage over inflexible, refactored legacy systems,” said Kevin Samuel, CEO, LiquidityBook. “We look forward to continuing this mission as part of FactSet to meet the growing workflow needs of clients across the trade life cycle without compromising on functionality.”
“We are excited to bring two talented teams together to expand on the existing partnership in place,” said Shawn Samuel, CTO, LiquidityBook. “The value proposition of combining our complementary solutions is already client-validated and market-tested. Joining forces now to capitalize on this opportunity is the natural next step to delivering increased value and flexibility to clients.”
The acquisition closed on February 7, 2025 and was funded by borrowings under FactSet’s existing revolving credit facility. The transaction is expected to be modestly dilutive to FactSet’s fiscal 2025 GAAP and adjusted diluted EPS.
FactSet’s advisors on the transaction include Citi as financial advisor and Cravath, Swaine & Moore as legal advisor. LiquidityBook’s advisors include IA Global Capital as financial advisor and Curtis, Mallet-Prevost, Colt & Mosle as legal advisor.
Forward-Looking Statements
This news release contains forward-looking statements based on management's current expectations, projections, beliefs and assumptions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.
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 more than 8,200 global clients, including over 218,000 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&P 500, we are committed to sustainable growth and have 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 X and LinkedIn.
About Liquidity Book
LiquidityBook is a leading provider of cloud-native buy- and sell-side trading solutions and is trusted by many of the industry’s largest and most sophisticated firms. The LiquidityBook platform is easily configurable and enhanced daily with client requests, giving these firms peace of mind that their trading platform will adapt and scale as they grow. A disruptive force in the market for nearly 20 years, the founder-led LiquidityBook backs their platform with unparalleled support and employs a client-centric business model with no hidden fees. For more information, please visit www.liquiditybook.com or contact sales@liquiditybook.com.
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