US-based financial data and software firm FactSet has agreed to acquire Interactive Data Managed Solutions (IDMS), a managed solutions and portal provider for the global wealth management industry, from Intercontinental Exchange.
IDMS has 14 offices in Europe and the US and employs over 300 staff. The company supports varied workflows and functions in wealth management, and offers real-time market data desktops, customisable web-based portals, and several mobile solutions.
The deal is slated to be completed during FactSet’s third quarter of fiscal 2017, and will not require regulatory nod.
FactSet CEO Phil Snow said: “Wealth management is an area of strong, continued growth for FactSet and the IDMS acquisition adds significant scale.
“With the IDMS business, we establish ourselves as a leading end-to-end provider of solutions for the wealth management industry. We see great potential in IDMS’ unique tools, which, when combined with FactSet’s rich content and superior analytics, will help our clients capitalize on the industry-wide shift to digital client engagement.”
FactSet said that the acquisition will have an immaterial impact to diluted EPS.
Intercontinental Exchange chief commercial officer Benjamin Jackson added: “With its established business serving the wealth management community, FactSet is well-positioned to expand with the services that IDMS offers. And this transaction enables ICE Data Services to focus on its core strengths in serving our institutional customers across pricing, analytics and connectivity.”