FactSet Research Agrees to Buy Portware for $265 Million in Cash
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Note that this report is a high level summary of the vendor's credentials and a solution's capabilities designed to assist with solution short-listing. The RFX report is the more comprehensive Request For Information report designed to support evaluation and selection, this will only show where the vendor has completed the "RFX" RFI.
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The RFX is a centralized golden copy of a RFI authored by our analysts based on their expertise in running real-life system evaluation and selection projects and completed by the vendor online.
Note to protect vendor that only Financial Institutions and recognized Advisor can subscribe to this feature.
In each instance the first time the link is used the user requests permission to access the RFX report and it is the vendor who is required to authorizes access. You will be alerted when the vendor has reviewed your request and granted permission.
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FactSet Research Systems Inc. (NYSE:FDS) (NASDAQ:FDS), a leading provider of integrated financial information and analytical applications to the global investment community, today announced that it has agreed to acquire all the issued and outstanding membership interests of Portware, LLC (www.portware.com) for cash consideration of $265 million. FactSet will fund the acquisition with an expansion of its existing revolving credit facility. Following regulatory review, the transaction is expected to close before the end of FactSet's first fiscal quarter.
Portware is an award-winning, multi-asset execution management system ("EMS") that is trusted by the world's largest asset managers. With global clients that stretch across North America, Asia and Europe, Portware delivers products, services, and solutions that transform the way financial institutions analyze, communicate, and execute investment ideas. Portware achieves its success through its highly customizable EMS and its Alpha Vision analytics. Portware embeds its solutions in the middle of each client's trading ecosystem as it integrates tightly with other key components. Portware emphasizes automation of simpler trades to free traders to focus on adding more value to the most complex trades.
"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," said Phil Snow, CEO of FactSet. "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," said Alfred Eskandar, CEO of Portware. "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."
- See more at: http://globenewswire.com/news-release/2015/09/22/769983/10150102/en/FactSet-Acquires-Portware-Execution-Management-System-EMS-Provider.html#sthash.Dgwsu7jo.dpuf