FactSet Acquires Portware, Execution Management System (EMS) Provider
September 22 2015 - 7:00AM
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."
About FactSet
FactSet, a leading provider of financial information and
analytics, helps the world's best investment professionals
outperform. More than 62,000 users stay ahead of global market
trends, access extensive company and industry intelligence, and
monitor performance with FactSet's desktop analytics, mobile
applications, and comprehensive data feeds. FactSet has been
included in FORTUNE's Top 100 Best Companies to Work For, the
United Kingdom's Great Places to Work and France's Best Workplaces.
FactSet is listed on the New York Stock Exchange and NASDAQ (NYSE:
FDS | NASDAQ: FDS). Learn more at www.factset.com, and follow us on
Twitter: www.twitter.com/factset.
About Portware
Founded in 2000, Portware, LLC is the financial industry's
leading developer of broker-neutral, automated trading solutions
for global equities, futures, options and FX. With offices in New
York, London, Hong Kong, and Hyderabad, Portware works in
partnership with its clients to create highly integrated solutions
to streamline workflow and increase operational efficiencies on
trading desks worldwide. Portware's flagship product, Portware
Enterprise, is a fully customizable trade management and execution
system for single stock, portfolio, basket, automated and
algorithmic trading. For more information, please visit
www.portware.com.
Forward-looking Statements
This news release contains forward-looking statements based on
management's current expectations, estimates and projections. All
statements that address expectations or projections about the
future, including statements about the Company's strategy for
growth, product development, market position, subscriptions,
expected expenditures and financial results are forward-looking
statements. Forward-looking statements may be identified by words
like "expects," "anticipates," "plans," "intends," "projects,"
"should," "indicates," "continues," "subscriptions" and similar
expressions. These statements are not guarantees of future
performance and involve a number of risks, uncertainties and
assumptions. Many factors, including those discussed more fully
elsewhere in this release and in FactSet's filings with the
Securities and Exchange Commission, particularly its latest annual
report on Form 10-K and quarterly reports on Form 10-Q, as well as
others, could cause results to differ materially from those stated.
These factors include, but are not limited to: the current status
of the global economy; the ability to integrate newly acquired
companies and businesses; the stability of global securities
markets; the ability to hire qualified personnel; the maintenance
of the Company's leading technological position; the impact of
global market trends on the Company's revenue growth rate and
future results of operations; the negotiation of contract terms
with corporate vendors, data suppliers and potential landlords; the
retention of key clients; the successful resolution of ongoing
audits by tax authorities; the continued employment of key
personnel; the absence of U.S. or foreign governmental regulation
restricting international business; and the sustainability of
historical levels of profitability and growth rates in cash flow
generation.
CONTACT: Rachel Stern
203.810.1000
FactSet Research Systems (NYSE:FDS)
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