Symphony, the market infrastructure and technology platform, has acquired natural language processing (NLP) data analytics solution vendor Amenity Analytics, for an amount estimated at tens of millions of dollars, although terms of the deal have not been disclosed.
Amenity specializes in extracting and delivering actionable insights – from unstructured content types including earnings call transcripts, news, social media, filings, and research, among other publicly available sources – to portfolio managers, research professionals, analysts and other financial markets participants.
“There’s a lot of unstructured data flying around our network, whether it’s a PDF attachment, a conversation on a telephone, or anything in between,” says Brad Levy, Symphony’s CEO. “There are patterns in there, so our ability to apply more tools toward this data to help our clients understand what’s going on in that network is a natural progression for us.”Through the acquisition, Symphony aims to provide the market with a purpose-built, transparent and comprehensive insights and analytics offering that will help firms cut through noise and provide business intelligence in real time, reinforcing the company’s position in enabling content distribution.
“We’ve got more than half a million users on network, enriching their profiles with what they care about, so that they receive appropriate research,” says Levy. “Amenity’s data science and natural language processing (NLP) technology can filter that tsunami of real-time news commentary, written research, and internal and external chatter, to deliver interesting insights to our users.”
Amenity Analytics was founded in 2015 and employs around 50 people in Israel and the US, who will now join Symphony.
“We are delighted to be joining such a strong team in the industry. This opportunity was uniquely attractive to us as we think the combination of our expertise in NLP with Symphony’s best in class communications platform, will yield exciting outcomes for our customers,” comments Nathaniel Storch, Amenity Analytics CEO. “Amenity has developed impactful use cases that tackle real time ESG insights, targeted content delivery and information overload, all key to the future of the finance world, and now they’ll be available to the over 1000 institutions Symphony serves.”
Amenity is the third company Symphony has acquired in the past 18 months. In June 2021, Symphony acquired trader voice and electronic communication company Cloud9 Technologies and acquired StreetLinx, the counterparty mapping platform, in August 2021.
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