YBI Portfolio company acquired by multibillion-dollar firm
FactSet Research Systems, the multibillion-dollar global financial-information provider, has acquired Revere Data, a Youngstown Business Incubator portfolio company with offices in the Semple Building on West Federal Street.
Terms of the deal, which was completed last week, were not disclosed, but the acquisition represents some of the high-profile work and attention the YBI continues to attract, said its chief executive officer Jim Cossler in an email.
Revere is based in San Francisco, and it operates another office in New York City. The company provides detailed financial information to institutional investors such as investment managers and traders.
Revere arrived in Youngstown in 2010, citing low overhead costs and a growing tech-savvy workforce as contributing factors in its decision to establish an office here.
FactSet is based in Norwalk, Conn., and it serves more than 48,000 companies with offices worldwide with technological tools that help analyze and monitor global financial markets.
“Revere’s data solutions help refine interesting ideas and strategies so investors can better identify opportunities and measure risk exposure throughout the global equities and derivatives markets,” said Phil Snow, senior vice president and director of global content sales at FactSet, in a statement. “The addition of Revere’s specialty data complements FactSet’s commitment to provide clients with unique and insightful content sets.”
Revere’s products, for example, allow investors to classify companies and analyze how they fit in the global economy, interact with and depend on other companies.
Revere has more than 30 industry research analysts working in Youngstown. It’s not clear if the acquisition will affect its operations here.