Liquidnet has acquired Prattle, a provider of automated investment research solutions for financial professionals as part of the continued expansion of its artificial intelligence (AI) investment analytics platform.
By acquiring Prattle, Liquidnet, an institutional trading, and equities network, now has access to its proprietary Natural Language Processing (NLP) and Machine Learning (ML) system.
The system is able to produce analytics which measures sentiment and predicts the market impact of content that is available to the public, such as central bank and corporate communications like company earnings and press releases.
This system allows asset managers to understand and anticipate market movements, the statement said. Prattle, which was launched in 2014, provides predictive analytics on around three thousand publicly traded companies and 15 central banks.
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Commenting on the acquisition, Brian Conroy, the President of Liquidnet said: “Prattle is yet another powerful tool for asset managers to discover actionable insight from the enormous amounts of unstructured data that is produced throughout the capital markets.
“This acquisition further supports our goal to help our Members generate better performance by providing them with the data they need to create greater conviction in their investment ideas, and then execute those ideas with speed and efficiency.”
Following the acquisition, Evan Schnidman and Bill MacMillan, the founders of Prattle, will continue to oversee the daily operations of the company. They will report directly to the President of Liquidnet.
“Our proprietary NLP and data science technology are an ideal complement to Liquidnet’s AI-driven analytics platform, and we’re eager to be part of its growing Global Investment Network. We’re looking forward to working closely with Liquidnet to develop an integrated solution,” added Evan Schnidman, CEO of Prattle.
Liquidnet Continues Expansion Efforts
The acquisition of Prattle is the latest for Liquidnet and follows on from the company’s recent acquisition of RSRCHXchange, a marketplace for asset managers and its earlier acquisition of analytics platform OTAS Technologies, as Finance Magnates reported.