FactSet (NYSE:FDS) (NASDAQ:FDS), a global provider of integrated financial information, analytical applications, and industry-leading service, today announced that it has acquired the Interactive Data Managed Solutions business (IDMS) from Intercontinental Exchange (NYSE:ICE). With a client base of more than 700 financial institutions across Europe and the United States, IDMS is a leading managed solutions and portal provider helping clients adapt to the wealth industry’s digital transformation.
First announced on January 27, 2017, the transaction expands FactSet’s solutions for the wealth management industry across key workflows and functions, at a time of great digital transformation. The IDMS business offers customizable web-based portals and APIs, critical areas of investment for wealth management organizations as well as the entirety of the financial services industry as they focus on an enhanced digital strategy. In addition, IDMS offers real-time market data desktops and a broad range of mobile solutions to advisors and their clients. FactSet Digital Solutions, which will be the new name for IDMS, in combination with FactSet’s existing capabilities and extensive financial data coverage, will establish FactSet as a leading end-to-end provider of content and digital solutions for the financial services industry.
The last twelve months revenues, as of February 28, 2017, for the IDMS business were $68 million. IDMS is expected to be accretive by $0.03 to adjusted diluted EPS for FactSet’s fiscal 2017.
Updated Business Outlook for the Third Quarter of Fiscal 2017
The following forward-looking statements reflect FactSet’s expectations as of today’s date and include the acquisition of IDMS. Given the risk factors, uncertainties and assumptions discussed below, actual results may differ materially. FactSet does not intend to update its forward-looking statements until its next quarterly results announcement, other than in publicly available statements.
Citigroup Global Markets Inc. acted as financial advisor and Shearman & Sterling LLP acted as legal advisor to ICE on this transaction. Jones Day acted as legal advisor to FactSet on this transaction.