Earlier this month, Interactive Data Corp. announced plans to acquire the market data unit of Xcitek LLC. Xcitek's market data is comprised of a wealth of information, including North American corporate actions data, reorganization information and cost basis and class action data. More than 2,000 financial institutions use Xcitek's data and receive it through several delivery platforms, including electronic datafeeds, proprietary Web-based services and various redistributors.
Interactive Data Corp. and Xcitek aren't strangers. The two organizations have collaborated for several years, redistributing each other’s data to their own clients. Once this deal is finalized, the shared data will become part of the Interactive Data Pricing and Reference Data unit.
This is yet another case in which an acquisition is precipitated by customer need. Interactive Data officials recognized a need for more reference data services and they acted quickly to answer that call. Because the company had worked with Xcitek for many years, Interactive Data knew exactly where to find this valuable data. This particular deal is certainly a win-win situation for everyone involved. Customers get what they want and Interactive Data and Xcitek maintain (and even increase) their relevance in the marketplace.