The Bottom Line: NewSpring Holdings Platform Company QUODD Acquires Xignite Capturing Larger Portion of Cloud-Native Market Data Industry

NewSpring Holdings, NewSpring’s dedicated buyout strategy, announced that its platform company QUODD, a comprehensive market data-on-demand provider for the global financial services industry, has acquired Xignite.

Xignite is a leading global provider of financial market data APIs

Xignite is the leading provider of market data API solutions to brokers, wealth managers, and the tech firms who serve them. Xignite has been disrupting the market data industry from Silicon Valley since 2003 when it introduced the first commercial REST API. Today, more than 700 firms use Xignite’s APIs more than half a trillion times a month to deliver high-value curated data to investors.

The deal significantly enhances QUODD’s position as a leading technology firm powering global market data to the financial services ecosystem

The combination brings together two dynamic, technology-led organizations that will enhance QUODD’s offerings, scale, and momentum, creating a preeminent market data solutions provider. The combined business will leverage its proprietary technology solutions to serve a blue-chip client roster of more than 2,200 companies, ranging from the largest banks and wealth management platforms to firms building disruptive products for the digital investor revolution.

“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. I look forward to working with Stephane Dubois, CEO of Xignite, and his team to help us fuel our next chapter of growth delivering the most accessible and reliable data for our customers.”
— Bob Ward, Chief Executive Officer of QUODD

Xignite bolsters two of QUODD’s signature products: QUODD Fuel and QUODD’s flagship digital platform, Universe+

QUODD Fuel, the firm’s suite of cloud-native market data solutions powered by proprietary technology that ingests, normalizes, and productizes market data content for easy consumption, will integrate Xignite’s content catalog, which includes data products curated from more than 150 sources with more than 500 API end points. In addition, Xignite’s expansive market data offering will further enhance QUODD’s flagship digital platform Universe+, which already offers clients a unique, streamlined experience that meets their needs across all segments of their business based on their specific end-user’s workflows, including all data types, asset classes, and global coverage.

The acquisition comes at a time of fast growth for QUODD

This acquisition is taking place after a year of significant sales and revenue growth for QUODD. The company’s revenue grew 13.1% year over year in 2022, driven in large part by the onboarding of over 100 new institutional relationships and a 24% growth in QUODD API sales. With the acquisition of Xignite, QUODD has strengthened its position as the premier cloud-first market data provider.

“Our goal for the combined organization is to create the industry’s leading provider in centralized market data augmented with superior customer service, anchored in the strength of long-standing relationships and supported by leading technologies, which is why this transaction was a perfect fit. 2022 was another year of strong organic growth for QUODD and, combined with Xignite, we are continuing to raise the bar in transforming the digital adoption of financial data for market participants.”
— Jim Ashton, NewSpring General Partner

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