Nasdaq has acquired Toronto-based Quandl, a provider of alternative and core financial data.
Quandl’s platform will be combined with Nasdaq’s existing Analytics Hub business within Global Information Services. Founded in 2012, Quandl offers a global database of alternative, financial, and public data, including information on capital markets, energy, shipping, healthcare, education, demography, economics, and society. It sources its alternative data and core financial data from over 350 sources to over 30,000 active monthly users.
“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,” said Bjorn Sibbern, executive vice president and head of Nasdaq’s Global Information Services. “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 company has reported $17.4 million total funding publicly, with a most recent Series B raise of $12 million. The company’s investors include August Capital, Nexus Venture Partners, and iGan Partners, the latter being the only Canadian investor in the company.
“Investors today are demanding actionable intelligence from new and expansive data sources at an increasingly rapid rate,” said Tammer Kamel, the CEO of Quandl. “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.”
Terms of the deal weren’t disclosed.