Asset International has agreed to acquire FactSet Research Systems' market research business focused on advisor-sold investments and insurance.
The business includes Market Metrics and Matrix Solutions. Asset International will pay about $165m to acquire the business.
The deal includes an additional earn-out of $10m depending on the achievement of severalgrowth targets in the next two years.
Market Metrics, which was established in 1993, is headquartered in Boston. Matrix Solutions was created in 1985 and is headquartered in London.
The companies provide strategic consulting and mission-critical data sets for mutual funds, variable annuities, mortgages and life insurance.
The acquisition is said to expand Asset International’s proprietary asset management and insurance industry data sets.
Subject to regulatory approvals, the deal is expected to complete in the fourth quarter of this year.
FactSet CEO Phil Snow said: "We appreciate the efforts of the dedicated employees who have grown Market Metrics and Matrix Solutions into industry leaders."
Asset International CEO Joel Mandelbaum said: "This acquisition is a fantastic opportunity to realize our ambition of creating the go-to supplier for the asset management community.
"The combination of Asset International with Market Metrics and Matrix Solutions represents an excellent fit for our clients and employees, and we are delighted to be joining forces."
Image: Asset International to acquire Market Metrics and Matrix Solutions from FactSet. Photo: courtesy of Chaiwat / FreeDigitalPhotos.net.