Institutional investment network Liquidnet has purchased Prattle, which offers automated investment research solutions for financial professionals.
The companies did not reveal the value of the deal.
The acquisition offers Liquidnet access to Prattle’s Natural Language Processing and Machine Learning system.
The technology generates analytics to forecast how company earnings and press releases can affect the market, thereby enabling asset managers devise trading strategies.
At present, Prattle covers around 3,000 publicly traded companies and 15 central banks.
Prattle founders Evan Schnidman and Bill MacMillan will continue to manage the firm. The pair will report to Liquidnet president Brian Conroy.
Commenting on the deal, Conroy stated: “Prattle is yet another powerful tool for asset managers to discover actionable insight from the enormous amounts of unstructured data that is produced throughout the capital markets.
“This acquisition further supports our goal to help our Members generate better performance by providing them with the data they need to create greater conviction in their investment ideas, and then execute those ideas with speed and efficiency.”
The latest deal continues Liquidnet’s acquisition spree and further expands its artificial intelligence (AI) investment analytics platform.
Last month, the firm purchased institutional research marketplace and aggregator RSRCHXchange.
In 2017, Liquidnet acquired OTAS Technologies.