Nordic Capital has announced its acquisition of BMLL, the Level 3 historical market data and analytics provider. The investment, made in partnership with BMLL’s management team and minority shareholder Optiver, is set to accelerate the company’s growth and expand its global footprint.
While the financial terms of the deal have not been officially disclosed, industry sources suggest the acquisition is valued at around $250 million.
Founded in 2014 by Cambridge academics, BMLL provides harmonised Level 3, 2, and 1 order book data and analytics across equities, ETFs, futures, and US options. The firm’s cloud-native platform cleanses and standardises vast quantities of raw market data from over 120 venues, offering a “golden copy” that enables banks, asset managers, and hedge funds to enhance their research, trading, and analytics capabilities.
The acquisition will inject significant primary capital into BMLL, allowing the firm to expand its global venue coverage, increase its historical data depth, and develop its multi-asset class offerings, to address the industry’s growing demand for high-quality, analytics-ready data to navigate complex market dynamics.
Paul Humphrey, Chief Executive Officer of BMLL, says the investment is about more than just capital. “After six years leading this company, I’ve spoken with many investors,” he says, in conversation with TradingTech Insight. “One thing I’ve learned is that finding the right partner – one with the right expertise and shared vision – is critical. Nordic Capital brings deep knowledge and experience from its portfolio companies, which is invaluable. This wasn’t just about raising capital; it was about finding a partner who understands our space and shares our passion for where we’re heading.”
The partnership will focus on scaling BMLL’s operations and enhancing its product suite. For Nordic Capital, the investment aligns with its focus on high-growth technology and payments companies.
“BMLL is an excellent fit for what we look for – a company with a leading product, a strong position in a large and growing market, and clear potential for accelerated growth,” comments David Samuelson, Partner at Nordic Capital Advisors. “Over the past decade, BMLL has built the leading data platform and analytics layer in its field, and we see huge potential to keep investing – expanding data depth and breadth, enhancing analytics, increasing customer usage, and broadening market presence. Our due diligence confirmed this: clients spoke highly of BMLL’s quality and its ability to help them grow efficiently while reducing costs. We’re therefore very excited to build on already strong momentum and help supercharge the next phase of growth.”
With the backing of Nordic Capital, BMLL plans to accelerate its expansion plans significantly. “Our focus on quality won’t change,” confirms Humphrey. “What will change is the acceleration and pace of that growth. So far, we’ve had to expand incrementally and thoughtfully. That approach will continue, but now we can move at a much faster pace. As a venture-backed business, we want to enter more markets, deepen our historical data, and build more products on top of that data for our clients. We’ll be able to respond to client demand much more quickly than before.”
He adds that this new phase is a validation for the company’s early clients who championed the firm’s innovative approach to data. “When you’re an early-stage company, it takes courage for clients to choose your product. So, our early clients took a risk. They stuck their necks out internally to say, ‘This is the company I want to work with. These are the products I believe in.’ Those clients showed real conviction – often overcoming internal procurement concerns about working with a smaller, venture-backed firm. To those clients who backed us early – including some of the world’s largest firms – this is their moment too. This isn’t just validation for us; it’s validation for them.”
The acquisition marks a significant milestone for BMLL, which has established itself as a key player in the historical data and analytics space. The firm’s management team, led by Humphrey, will continue to lead the business and will remain as shareholders.
Looking ahead, Humphrey is confident about the company’s trajectory. “We’ve never lost sight of what we believe this business can become. We genuinely see ourselves as a category creator, and this investment will help us realise that ambition. Having Nordic Capital’s firepower behind us will allow us to expand meaningfully – and that’s incredibly exciting.”
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