Following the announcement of its intention to acquire a copy of the Thomson Fundamental database in April this year, financial information and analytical applications vendor FactSet Research Systems has announced the completion of the deal. The vendor paid cash consideration of US$63 million for a copy of the database and related assets, daily database updates over the next 18 months and approximately US$1 million of annual revenues.
Thomson retains the full ownership of the original fundamentals database and associated intellectual property and Thomson Fundamentals will continue as a product on the FactSet platform. FactSet has been distributing Thomson Fundamentals to the investment community since 1991.
According to the vendor, eight key employees connected with the database and related assets have accepted employment offers to join FactSet immediately.
FactSet has entered into a transition services agreement with Thomson, under which Thomson will provide services for the next 18 months, including daily updates to FactSet’s fundamental database. The daily updates will be provided on the same schedule and with the same timeliness, content and quality as the updates FactSet receives for Thomson Fundamentals today. The TSA also outlines consulting and support services Thomson will provide to FactSet in order to ensure a complete understanding of the structure, content and data collection processes required to deliver a production version of the database by the end of the transition period.