NASDAQ, the New York headquartered leading multinational stock exchange operator recently announced the acquisition of Texas-based Fintech service provider Solovis. As per statement released by the firm, the global marketplace provider has acquired Solovis, a privately held fintech firm well known for its multi-asset class portfolio management, analytics and reporting tools in a recent deal earlier this month. However, the details of the deal are yet to be disclosed and the only information available regarding this acquisition is that the move to acquire Solovis is a part of NASDAQ’s strategic investment plan consistent with its usual move to maximize opportunities as a leading technology and analytics provider in capital markets sector and that it meets with its capital deployment and return on investment capital objectives. To those who are unfamiliar with the firm, since its inception in 2013, the firm has managed to attain steady growth and increased market share by providing sophisticated investors from both public and private market with tools which help them gain a unified line of sight and understanding into their portfolios with information on both performance and risk across various asset classes.
Moving forward, Solovis’s solutions will be made available via NASDAQ’s eVestment group thereby broadening eVestment’s capabilities on portfolio analysis and monitoring areas helping the firm expand its client base among consultants and institutional investors. NASDAQ’s eVestment service currently has more than 600+ clients from institutional investment sector who use it for manager screening activities and will gain a great boost to their portfolio management activities with addition of Solovis’s services. While the firm has been fully acquired by NASDAQ, both the co-founders of Solovis – Josh Smith and Caleb Doise and the rest of Solovis’s team are expected to remain in-place and will continue to serve from the firm’s offices located in Dallas, Charlottesville, Virginia and San Francisco.
Commenting on the deal, Jerrod Stoller – Co-Head of eVestment division said, “Combined, we bring tremendous decision-making power to our investor clients, pre- and post-investment, across public and private markets”.
Speaking about this merger, Lauren Dillard –EVP & Head of Global Information Services at NASDAQ said, “NASDAQ’s mission is to provide transparency and data to the financial world, all through modern technology. The combination of eVestment and Solovis bolsters our capabilities to serve the investment community. Together, they create a global leader of proprietary content, insights and portfolio analytics”.
Speaking about the deal, Josh Smith – CEO & Co-Founder of Solovis said, “We founded Solovis on the commitment to help asset allocators make better investment decisions through robust data and analytics. 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”.
