FactSet Research Systems Inc. (NYSE:FDS), a provider of integrated financial information, has agreed to terms to acquire the issued and outstanding membership interests of Portware, LLC for a sum of $265 million, according to a Portware statement.
More specifically, FactSet will help fund the $265 million Portware Acquisition with an expansion of its revolving credit facility. Despite the announcement, the acquisition will need to pass through a tranche of regulatory reviews, with the transaction expected to be finalized by the end of FactSet's Q1 earnings.
Portware is a Multi-Asset trade automation solutions provider utilized by asset management in North America, Asia and Europe – the group utilizes artificial intelligence as well as a variety of products, services and solutions.
According to Phil Snow, CEO of FactSet, in a recent statement on the acquisition, "Portware is a highly innovative firm, with keen insight into the trading ecosystem, and strong recent success in the market. We are thrilled to welcome this talented group of individuals. Portware's tools and expertise in trading are an exciting complement to our current offerings. We are excited to enhance the productivity of FactSet users as we integrate Portware into adjacent workflows within our client base."
"Portware's explosive growth over the last three years, despite the difficult environment, is a testament to our strategy and vision for the industry, and we're excited to bring our proven innovation and people to join the FactSet family. Like FactSet, we believe in putting our clients first and constantly thinking of ways to enhance the client experience. We're confident that our similar cultures and commitment to excellence will result in a collaborative environment for our people and an incredible opportunity to develop new and exciting products for the industry," added Alfred Eskandar, CEO of Portware, in an accompanying statement.
This past August, Portware appointed foreign exchange (FX) industry veteran Christopher Matsko as its Head of FX Trading Services. Mr. Matsko’s primary function has been working with the group’s global clientele to help push and oversee the firm’s comprehensive FX solutions while being based out of New York.
Shares of FactSet Research Systems (NYSE:FDS) were unchanged ahead of the US open on the news Tuesday, having settled at $165.93 during after-hours trading.
