Nasdaq — a global provider of trading, clearing, exchange technology, listing, and public company services — has announced that it has acquired Quandl, a provider of alternative and core financial data. Quandl pulls the financial data from over 350 sources and delivers it to more than 30,000 active monthly users. Quandl offers a global database of alternative, financial, and public data, including details on capital markets, energy, healthcare, shipping, education, demography, economics, and society.
Nasdaq is the creator of the world’s first electronic stock market and its technology powers over 100 marketplaces in 50 countries and 1 in 10 of the world’s securities transactions. The Nasdaq is the home to approximately 4,000 total listings at a market value of approximately $15 trillion. And Nasdaq will be combining Quandl with its existing Analytics Hub business within Global Information Services.
“Investors today are demanding actionable intelligence from new and expansive data sources at an increasingly rapid rate,” said Quandl chief executive Tammer Kamel. “Joining with Nasdaq will enable us to serve investors with strengthened real-time capabilities and greatly enhanced data hygiene and symbology. Our existing set of clients, including the world’s top hedge funds and investment banks, stand to benefit greatly from our mutual vision that data is going to become the primary driver of active investment performance over the next decade.”
Founded six years ago in Toronto by Tammer Kamel and Abraham Thomas, Quandl is used by eight out of the top ten hedge funds and fourteen out of the top fifteen largest banks. Quandl also has strategic relationships with leading data providers in order to help institutional and Main Street investors make trading and investing decisions. Kamel and Thomas created the company due to frustrations with the limited data and primitive delivery systems that were on the market.
In a report from November 2017, Deloitte estimated that spending on alternative data may surpass $7 billion by 2020 with an annual growth rate of 21%. Quandl is known as the largest provider of alternative data for financial professionals. And Quandl’s customer base includes the top hedge funds in the world along with asset managers and investment banks. Plus Quandl delivers financial, economic, and alternative data to more than 400,000 analysts worldwide.
“Quandl will allow Nasdaq to partner more closely with the investing community as the industry continuously seeks ways to evaluate an endless supply of information to drive new insights, investment ideas and deliver alpha,” added Nasdaq EVP and head of Global Information Services Bjorn Sibbern. “Quandl’s leadership, user community, and team of data scientists combined with Nasdaq’s alternative data group and global reach, will help our diverse client base derive a broad array of new investing opportunities.”
The terms of the deal were undisclosed. Some of Quandl’s investors include Nexus Venture Partners and August Capital.