FactSet, a financial digital platform and enterprise solutions provider, has acquired LiquidityBook for $246.5 million in cash. LiquidityBook, headquartered in New York, offers cloud-based trading solutions for hedge funds, asset and wealth managers, and sell-side middle office clients. The company operates a proprietary FIX network that connects over 200 brokers and supports order routing to more than 1,600 destinations across 80 markets. The acquisition follows a successful partnership between the two companies, integrating LiquidityBook’s order management system into the FactSet Workstation. This transaction strengthens FactSet’s ability to link front-office trading functions with middle-office operations, enhancing its investment research, execution management, and portfolio analytics capabilities.
LiquidityBook’s modular platform supports multi-asset portfolio management, order execution, pre-trade compliance, and post-trade reconciliations. FactSet executives highlighted that the acquisition will streamline workflows and reduce operational complexity for clients by consolidating trading and portfolio management tools. The transaction, which closed on February 7, was financed through borrowings under FactSet’s existing revolving credit facility. While the acquisition is expected to be modestly dilutive to FactSet’s fiscal 2025 earnings per share, it aligns with the company’s long-term strategy to provide integrated solutions across the portfolio life cycle. FactSet was advised by Citi and Cravath, Swaine & Moore, while LiquidityBook received guidance from IA Global Capital and Curtis, Mallet-Prevost, Colt & Mosle.
