(RTTNews) - State Street (STT) Monday announced that it has acquired PriceStats, its longtime partner and provider of daily inflation data sourced from millions of online product prices worldwide.
The financial details of the deal were not disclosed.
The company will become a part of State Street Data Intelligence, which creates its own economic indicators. According to State Street, the agreement will hasten the release of new high-frequency indicators of employment, prices, and other factors.
Alberto Cavallo, a co-founder of PriceStats, will remain an academic partner.
STT is currently trading at $118.69 up $0.39 or 0.33 percent on the New York Stock Exchange.
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