QUODD, the market data-on-demand provider, has acquired Xignite, the specialist in market data APIs, for an undisclosed sum. The acquisition adds more than 500 market data APIs, covering millions of instruments across all asset classes, to QUODD’s solutions set. The combined business will serve a client roster of more than 2,200 companies, ranging from the largest banks and wealth management platforms to fintechs building disruptive products.
The Xignite acquisition bolsters two of QUODD’s products: QUODD Fuel and Universe+. QUODD Fuel, a suite of cloud-native market data solutions powered by proprietary technology that ingests, normalizes, and productises market data content for easy consumption, will integrate Xignite’s content catalog, which includes data products curated from more than 150 sources with more than 500 API end points.Xignite’s market data offering will also enhance QUODD’s digital platform Universe+, a portal designed to empower financial institutions to effectively support data management and client servicing needs across multiple business lines, teams, and workflows.
Speaking with TradingTech Insight about the acquisition, Bob Ward, QUODD’s CEO, says: “Xignite adds a huge amount of value, from their relationships, their proprietary content, and of course their API’s. We’re now going to have a much more expansive data catalogue, which not only helps our QUODD Fuel business, but also our digital applications, QUODD Equity+ and Universe+.”
Ward suggests that the acquisition brings together two dynamic, technology-led organisations that will enhance QUODD’s offerings, scale, and momentum, creating a preeminent market data solutions provider. “Xignite was an early pioneer in both cloud-based and API delivery,” he says. “So we’re going to leverage a lot of great technology and come up with a combination of what QUODD has built and what Xignite has built, running on an extremely robust and modern tech stack.”
Although QUODD’s cloud-native market data solutions are not targeted at high-frequency and ultra-low latency trading firms, the need for real-time data on demand is growing across the industry, says Ward. “We see a big convergence as toolsets get better and financial markets continue to evolve,” he says. “Even people who previously only needed end-of-day data now want intraday updates. So our capabilities have moved from being able to handle big end-of-day data to handling intraday and real-time data through our process. The really big thing we’re solving for is data on demand, providing what people need when they need it.”
Commenting on the acquisition, Stephane Dubois, CEO of Xignite, said: “There is an ever-increasing demand from financial institutions for alternative cloud-based market data solutions able to power their wealth and asset management servicing platforms. QUODD and Xignite share a mutual vision to advance the industry with the most accurate, timely, and comprehensive content delivered via the most innovative, easy-to-use, and scalable delivery technologies. Combining our two firms gives us the scale, ability to execute, and technology to deliver true alternative market data solutions to the industry. Our team looks forward to working with Bob and the team at QUODD to turbocharge QUODD Fuel and their digital platforms for the consumption of additional real-time, historical, reference, and fundamental data.”
“What’s great about this is that both of us are AWS-native technologies, so we’ll be able to combine our data catalogues in a very short amount of time,” concludes Ward. “Also, Xignite has excellent client profiles that are very different from ours. We are heavily focused on institutional clients, while Xignite has a lot of FinTech clients, traders, and similar professionals. So, where they specialize in certain data sets, we’ll be able to offer our clients unique asset classes and data sets that Xignite has, and vice versa. That means that both Xignite’s and QUODD’s clients now have a much bigger menu to choose from.”
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