Nasdaq on Tuesday said it would acquire money management analytics firm eVestment for a combined $705 million in cash and stock.
Jim Minnick, CEO and co-founder of eVestment, will remain with the firm, and eVestment will retain its brand name, said Mark Scott, eVestment spokesman.
eVestment offers a database of traditional and alternative investments for institutional clients including money managers, investment consultants and pension funds. The firm will become part of Nasdaq Global Information Services, the exchange operator's benchmark and market data unit.
Nasdaq already provides trade surveillance services as well as a mutual fund quotation service, Adena Friedman, president and CEO of Nasdaq, said in a news release. The company is looking to expand its data business with money managers and other institutional investors through the eVestment acquisition, she said.
The deal is expected to close in the fourth quarter.