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FactSet Research Systems Inc. ( FDS - Analyst Report) recently announced its acquisition of Revere Data, LLC. Financial details of the deal were not disclosed.
The acquisition will help FactSet to deliver innovative products to its clients and evolve as a global financial database company. It will also help FactSet to maximize value for its partners and provide customers with exclusive content sets.
Revere Data, LLC is the leading provider of industry classification and supply chain data, analytics, and indexes for the financial services industry. Revere also offers a supply chain relationships database that helps investors to identify portfolio risk. Its offerings simplify the management of a large volume of information and streamline the business process.
FactSet reported total revenue of $214.6 million in the third quarter of 2013, up 6.0% from $202.3 million in the year-ago quarter. Organically, revenues increased 5%, while StreetAccount contributed 1% to total revenue growth.
FactSet is one of the leading providers of online integrated data-related products and services for the investment community (primarily bankers, investment managers and brokerage firms). It continues to launch new products and applications across its segments with special emphasis on financial services to gain more customers.
The company is offering new products and services on a regular basis. However, adding new customers is still a challenge due to the sluggish European market.
We expect competition to intensify further in the future. Some competitors such as Bloomberg L.P., Dow Jones & Company Inc. and MSCI Inc. ( MSCI - Snapshot Report) are also coming up with substitute products at competitive prices.
FactSet carries a Zacks Rank #3 (Hold). Investors can consider other stocks in the technology space such as, IHS Inc. carrying a Zacks Rank #1 (Strong Buy) and Broadridge Financial Solutions, Inc. ( BR - Snapshot Report) carrying a Zacks Rank #2 (Buy).