Interactive Data Corporation, a provider of financial market data, analytics and related services, has signed an agreement to acquire the assets comprising the market data division of Xcitek LLC for $25.3 million in cash.
This acquisition represents an important element in Interactive Data’s strategy to expand its reference data services and support enterprise-wide financial applications. Reference data content has become a mission-critical component used to ensure the timely processing of transactions, and help address regulatory and reporting requirements.
“Interactive Data continues to see growing interest from institutional customers for reference data and related services, which are used in both departmental and enterprise-wide applications that span the front, middle and back office,” said Stuart Clark, president and chief executive officer of Interactive Data. “Corporate actions for equity and fixed income securities are a critical component of these services, and the use of this content ranges from populating security master files, account statements and other workflow-intensive applications to supporting research activities and risk management applications. With the addition of Xcitek Market Data, we believe we will be better positioned to directly collect and deliver a broader range of mission-critical content, address our customers’ emerging enterprise-wide content and application requirements, and to further advance our efforts to automate key data collection and delivery processes.”
Interactive Data has worked with Xcitek for many years, with each company redistributing select sets of each others’ data to clients.