Euronext Acquires Substantive Research

Euronext has announced the acquisition of Substantive Research, a company specializing in product and pricing comparison for investment research spend, market data, and research content. Founded in 2015 and based in London, Substantive Research serves over 100 clients globally, including asset managers and hedge funds.

With this acquisition, Euronext aims to integrate Substantive Research's capabilities with Commcise, its subsidiary offering commission management and research valuation solutions. This merger is expected to provide significant benefits to customers, including enhanced compliance and expanded benchmarking products.

Euronext plans to leverage its scale to help Substantive Research grow its vendor universe and diversify its benchmarking offerings. This aligns with Euronext's strategy to strengthen its investor services segment and enhance its relationship with the buy-side community.

The acquisition is compliant with Euronext's capital allocation policy and is anticipated to yield high-quality, recurring revenues.