Company, founded in 2012, boasts one of the largest global databases of alternative information
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Toronto-based Quandl, which has one of the biggest global databases of alternative and core financial information, has been acquired by Nasdaq, it was announced today.
Founded in Toronto in 2012, Quandl is used by eight of the top-10 hedge funds and 14 of the top 15 largest banks. The city will remain its headquarters and will integrate with Nasdaq’s Analytics Hub products and team.
Quandl provides alternative data and core financial data from more than 500 sources to more than 30,000 active monthly users. It is one of the largest global databases of alternative, financial and public data, including information on capital markets, energy, shipping, healthcare, education, demography, economics and society.
“Quandl will allow Nasdaq to partner more closely with the investing community as the industry continuously seeks ways to evaluate an endless supply of information to drive new insights, investment ideas and deliver alpha,” said Bjorn Sibbern, executive vice president and head of Nasdaq’s Global Information Services.
“Quandl’s leadership, user community, and team of data scientists combined with Nasdaq’s alternative data group and global reach, will help our diverse client base derive a broad array of new investing opportunities.
Tammer Kamel, CEO of Quandl, added: “Investors today are demanding actionable intelligence from new and expansive data sources at an increasingly rapid rate. Joining with Nasdaq will enable us to serve investors with strengthened real-time capabilities and greatly enhanced data hygiene and symbology.
“Our existing set of clients, including the world’s top hedge funds and investment banks, stand to benefit greatly from our mutual vision that data is going to become the primary driver of active investment performance over the next decade.”
In assessing the overall market opportunity for alternative data across the financial industry, in November 2017, Deloitte estimated that spending on alternative data will exceed $7 billion USD by 2020, with an annual growth rate of 21%.
Terms of the deal were not disclosed.
