FactSet Research Systems Inc., a leading market data provider, has acquired StreetAccount LLC, which organizes news content for institutional investors. Terms of the acquisition were not disclosed. The acquisition is not expected to have a material impact on FactSet’s fiscal 2012 fourth quarter or fiscal 2013 diluted earnings per share.
StreetAccount tags news items so that it can be filtered by companies of interest and can be customized for portfolio, index, sector, market, time of day (i.e., Overnight Summaries), and category (i.e., Top Stories, Market Summaries, Economic, M&A). Content is written by analysts employed by StreetAccount.
Earlier this year, FactSet became the sole distributor of StreetAccount news.
We recently conducted a survey of institutional investors which showed that news and commentary is currently the third largest category of information spending, and is expected to grow, particularly for hedge funds. StreetAccount and its rival, Brightwire, which has strong international news coverage, were the most frequently mentioned news sources.