FactSet acquires LiquidityBook for $246.5 million, enhancing integrated trading solutions across the portfolio life cycle.
Quiver AI Summary
FactSet has announced its acquisition of LiquidityBook for $246.5 million in cash, enhancing its capabilities in order management and investment book of record to support the full portfolio life cycle. The partnership, which has already facilitated the integration of LiquidityBook's order management system into the FactSet Workstation, aims to streamline workflows for clients in hedge funds, asset management, and wealth management by connecting various front office operations. LiquidityBook’s cloud-native trading solutions, designed for multi-asset class management, will complement FactSet’s existing financial data and analytics offerings. The acquisition, which closed on February 7, 2025, is expected to slightly impact FactSet's earnings for the fiscal year. Both companies see this move as a step toward better serving clients' complex trading workflow needs.
Potential Positives
- Acquisition of LiquidityBook for $246.5 million enhances FactSet's technology capabilities with cloud-native trading solutions, improving their order management and investment book of record functionalities.
- The integration of LiquidityBook’s systems into FactSet’s Workstation aims to streamline client workflows across the entire portfolio life cycle, potentially reducing clients’ total cost of ownership.
- This move aligns with FactSet’s goal of providing a consolidated front office solution, addressing the increasingly sophisticated needs of clients in the financial sector.
- FactSet's partnership with LiquidityBook is validated by existing client relationships, suggesting a strong market demand for their integrated offerings.
Potential Negatives
- The acquisition of LiquidityBook was funded by borrowings under FactSet’s existing revolving credit facility, which could increase the company’s debt burden and financial leverage.
- The transaction is expected to be modestly dilutive to FactSet’s fiscal 2025 GAAP and adjusted diluted EPS, indicating potential short-term negative impacts on earnings per share.
- There is a mention of risks and uncertainties associated with the forward-looking statements, suggesting that there may be challenges in achieving the anticipated benefits from the acquisition.
FAQ
What is FactSet's recent acquisition?
FactSet announced the acquisition of LiquidityBook for $246.5 million to enhance order management and investment capabilities.
What capabilities does LiquidityBook provide?
LiquidityBook offers cloud-native trading solutions, including an order management system (OMS) and investment book of record (IBOR) for various financial clients.
How will this acquisition benefit clients?
The acquisition allows for a more integrated front office solution, reducing the need for clients to switch between platforms.
When did the acquisition close?
The acquisition of LiquidityBook closed on February 7, 2025.
Who advised FactSet on this transaction?
FactSet's advisors on the transaction included Citi as financial advisor and Cravath, Swaine & Moore as legal advisor.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$FDS Insider Trading Activity
$FDS insiders have traded $FDS stock on the open market 18 times in the past 6 months. Of those trades, 0 have been purchases and 18 have been sales.
Here’s a breakdown of recent trading of $FDS stock by insiders over the last 6 months:
- FREDERICK PHILIP SNOW (Chief Executive Officer) has made 0 purchases and 6 sales selling 18,000 shares for an estimated $8,304,030.
- CHRISTOPHER R ELLIS (EVP, Initiatives & P'ships) sold 13,952 shares for an estimated $6,364,204
- JAMES J MCGONIGLE has made 0 purchases and 4 sales selling 5,410 shares for an estimated $2,471,465.
- ROBERT J. ROBIE (EVP, Institutional Buyside) sold 4,009 shares for an estimated $1,944,204
- MALCOLM FRANK has made 0 purchases and 2 sales selling 2,838 shares for an estimated $1,299,386.
- JOHN COSTIGAN (Chief Data Officer) has made 0 purchases and 2 sales selling 1,622 shares for an estimated $780,174.
- LAURIE SIEGEL has made 0 purchases and 2 sales selling 1,338 shares for an estimated $615,276.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$FDS Hedge Fund Activity
We have seen 330 institutional investors add shares of $FDS stock to their portfolio, and 386 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- CITADEL ADVISORS LLC added 179,793 shares (+121.1%) to their portfolio in Q3 2024, for an estimated $82,677,811
- BAMCO INC /NY/ removed 174,443 shares (-6.6%) from their portfolio in Q3 2024, for an estimated $80,217,613
- KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC added 103,114 shares (+8.9%) to their portfolio in Q3 2024, for an estimated $47,416,972
- WEALTHFRONT ADVISERS LLC added 74,620 shares (+4104.5%) to their portfolio in Q4 2024, for an estimated $35,838,493
- MILLENNIUM MANAGEMENT LLC removed 63,522 shares (-53.1%) from their portfolio in Q3 2024, for an estimated $29,210,591
- UBS GROUP AG added 59,311 shares (+75.1%) to their portfolio in Q3 2024, for an estimated $27,274,163
- NORDEA INVESTMENT MANAGEMENT AB added 59,173 shares (+21.0%) to their portfolio in Q4 2024, for an estimated $28,419,608
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
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 $246.5 million in cash.
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-leadinginvestment 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
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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
.
FactSet
Investor Relations:
investor_relations@factset.com
Media Relations:
Megan Kovach
+1.512.736.2795
megan.kovach@factset.com
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