QUODD acquires financial market data APIs provider Xignite

QUODD, a market data-on demand service for the financial services sector, has acquired Xignite, which is a supplier of APIs for financial market data, at an undisclosed price.

Xignite offers its APIs for market data to wealth managers, brokers as well as the tech companies who provide them with services.

In 2003, the Silicon Valley-based firm is said to have created the first commercial REST API. Presently, over 700 businesses are claimed to utilize Xignite’s APIs to provide high-value, curation of data to digital investors.

QUODD which is a NewSpring Holdings platform company, offers brokers, banks as well as insurance companies and fintechs the capability to stream, embed, search prices, or download them for global equities, indices, fixed income, and end-of-day prices for mutual funds worldwide.

The acquisition will increase QUODD’s offering as well as its scale and speed making it a top market data solutions provider.

The enlarged QUODD will make use of its technology-based solutions to offer a blue-chip customer list of more than 2,200 businesses. The roster ranges from the biggest banks to wealth management platforms, to companies creating disruptive products for this digital investor revolution.

Stephane Dubois — Xignite CEO said: There is an ever-increasing demand from financial institutions for alternative cloud-based market data solutions able to power their wealth and asset management servicing platforms.

“QUODD and Xignite share a mutual vision to advance the industry with the most accurate, timely, and comprehensive content delivered via the most innovative, easy-to-use, and scalable delivery technologies.”

QUODD said that the acquisition of Xignite will help bolster two of its most popular products, which are QUODD Fuel and the Universe+ digital platform.

QUODD Fuel, the company’s range of cloud-native market data solutions is built on proprietary technology that ingests, normalizes, and then productizes market data to make it easy to consume and integrate with Xignite’s content catalog, which comprises products of data curated by more than 150 different sources and over 500 API-based endpoints.

Additionally, Xignite’s extensive market data offerings are expected to enrich the Universe+ digital platform, which is said to currently offer customers a unique experience that caters to their needs across all aspects of their business, based on the specific workflows of their end-users, which includes all data types as well as asset classes and coverage across the globe.

Bob Ward — QUODD CEO said: “This acquisition reinforces our commitment to become the premier cloud-based global financial market data and content provider.

“Xignite is well known for being an early adopter of delivering high-quality market data solutions via the cloud as well as for its extensive API-driven data catalog.”