Mumbai, NFAPost: NSE Data & Analytics Ltd. (NSE Data), a 100% subsidiary of the National Stock Exchange of India (NSE), has acquired Cogencis Information Services Ltd., India’s leading provider of real-time market data terminals to institutional customers.
NSE Data has acquired 100% equity in Cogencis from Samara Capital I Partners Fund Ltd. and minority shareholders including the company’s founder, co-founder, and an employee welfare trust.
Cogencis’ flagship product is Cogencis Workstation, a real-time market data terminal including real-time financial news. The Cogencis WorkStation provides data on all asset classes including foreign exchange, fixed income, equities, commodities, as well as macro-economic data, either generated on its own or aggregated through various sources.
As a part of the transaction, the news department of Cogencis has been sold to Informist Media Private Ltd. Cogencis has entered into a five-year exclusive commercial arrangement with Informist Media to source the news for the Cogencis WorkStation. As a result, there will be absolute continuity of service to customers of the Cogencis WorkStation. Cogencis news will now be known and available as Informist news on the Cogencis WorkStation.
Further, the Credit business of Cogencis has been sold to Informist Data and Analytics. Cogencis has an arrangement with Informist Data to continue the provision of a sub-set of the Credit product covering all listed companies to the users of the Cogencis WorkStation.
Commenting on the acquisition, NSE MD & CEO Vikram Limaye said he is delighted to announce this acquisition as NSE Data and Cogencis are two complementary businesses.
“The business of Cogencis adds to the existing offerings of NSE Data by helping it acquire an additional channel to distribute and disseminate market data and analytical products & solutions. India is one of the few countries in the world where the global leaders in the terminal business have a direct and sizeable competitor in the form of Cogencis,” said Vikram Limaye.
Vikram Limaye also pointed out that the Cogencis product and presence coupled with NSE’s brand and analytics capabilities will propel the Cogencis WorkStation to a leading position in the country. “It will also deepen our presence in the market and strengthen our position as a financial market infrastructure institution,” said Vikram Limaye.
Samara Capital Managing Director Paurush Roy said Samara is very pleased to have found NSE Data to help Cogencis continue its journey in serving the money manager community and investors in India under the parentage of its new owner.
NSE Data CEO Mukesh Agarwal said Cogencis has a strong presence in the fixed income and foreign exchange markets and NSE Data has been working on developing the fixed income analytics market including bond valuations.
“We are committed to growing in this direction to deepen and strengthen the fixed income and foreign exchange markets in India. Our focus will be to increase the value proposition for the market participants by leveraging on the strengths and synergies of NSE Data and Cogencis. We will build on the foundations Cogencis has laid and take the value proposition to a different level altogether,” said Mukesh Agarwal.
Commenting on the acquisition, Cogencis Founder & CEO Pankaj Aher said he is happy that NSE Data has found value in what the team has built and sure the company will create even more value for its customers and its shareholders in the new phase of its journey.
“I am grateful to Samara as also to the whole team which has contributed to building Cogencis from its inception in 2001. We look forward to continuing to serve customers and assure them of our best services, as always,” said Cogencis Founder & CEO Pankaj Aher.
Cogencis started as CRISIL MarketWire, a wholly-owned subsidiary of the ratings agency CRISIL, in October 2001. In January 2007, it morphed into India’s first market data terminal company NewsWire18 Ltd., a company owned 70% by the listed company Television Eighteen.
In December 2012, India-focussed, sector-agnostic private equity firm Samara Capital bought out TV18, following which the firm was rechristened as Cogencis. Under Samara ownership, the firm grew into a full-fledged market data terminal company by introducing a new front-end user interface from SunGard, now FIS.