FactSet Research Systems Inc., a provider of data and analytical software to investment managers and banks, agreed to buy Portware LLC for $265 million in cash.
FactSet will fund the acquisition by expanding an existing revolving credit facility, the Norwalk, Connecticut-based company said Tuesday in a statement. The transaction is expected to be completed before the fiscal first quarter ends.
“Portware is a highly innovative firm, with keen insight into the trading ecosystem, and strong recent success in the market,” FactSet Chief Executive Officer Phil Snow said in the statement.
Bloomberg LP, the parent of Bloomberg News, competes with FactSet in providing data and analytical tools to the financial industry.
Link to Statement:Link