- QUODD has agreed to acquire fellow market data company Xignite.
- Combined, the two companies will serve more than 2,200 firms, ranging from large banks and wealth management platforms to smaller digital investment tools.
- Financial terms of the deal were undisclosed.
Two market data firms are combining this week, as QUODD Financial Information Services acquires Xignite. Financial terms of the deal were not disclosed.
QUODD said the purchase reinforces its commitment to become “the premier cloud-based global financial market data and content provider.” Company CEO Bob Ward added, “Xignite is well known for being an early adopter of delivering high-quality market data solutions via the cloud as well as for its extensive API-driven data catalog. I look forward to working with Stephane Dubois, CEO of Xignite, and his team to help us fuel our next chapter of growth delivering the most accessible and reliable data for our customers.”
Combined, Xignite and QUODD will serve more than 2,200 companies, ranging from large banks and wealth management platforms to smaller digital investment tools. QUODD will leverage Xignite’s technology to enhance its QUODD Fuel, which will integrate Xignite’s content catalog; and Universe+, which will leverage Xignite’s market data.
QUODD’s technology enables clients to stream, embed, look up, and download pricing data for global equities, fixed income, indices, options, futures, and end-of-day pricing for global mutual funds. The company is owned by NewSpring Holdings’ Financeware, a probability-analysis technology and marketing strategies provider, which acquired QUODD in 2019 for an undisclosed amount.
NewSpring Holdings has lofty ambitions for the Xignite buy. “Our goal for the combined organization is to create the industry’s leading provider in centralized market data augmented with superior customer service, anchored in the strength of long-standing relationships and supported by leading technologies, which is why this transaction was a perfect fit,” said NewSpring Holdings General Partner Jim Ashton. “2022 was another year of strong organic growth for QUODD and, combined with Xignite, we are continuing to raise the bar in transforming the digital adoption of financial data for market participants.”
Founded in 2000, Xignite offers market data APIs to its brokerage, wealth management, and fintech clients. The company’s APIs offer a range of market data– including real-time stock prices, historical stock prices, options prices, futures prices, mutual fund prices, ETF prices, foreign exchange rates, bond prices, and more. Combined, the company’s customers use Xignite’s APIs more than half a trillion times each month.