The global network for institutional investors has acquired a firm that uses natural language processing to produce predictive market analytics for investment professionals.
Liquidnet has acquired Prattle, the developer of a proprietary system that measures the market impact of publicly available information including central bank communications and corporate communications such as earnings calls and press releases to produce analytics that asset managers can use to inform their trading strategies and make sense of market movements.
It currently provides predictive analytics on 3000 publicly traded companies listed in the US and 15 central banks including the Reserve Bank of Australia, Bank of Japan, US Fed Reserve and European
"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," Liquidnet president Brian Conroy said.
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"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."
Prattle was launched in 2014 by former academics Evan Schnidman and Bill MacMillan.
Both will continue to oversee the day-to-ay operations of Prattle and will report directly to Conroy.
"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," Prattle chief executive Evan Schnidman said.
"We're looking forward to working closely with Liquidnet to develop an integrated solution."
Liquidnet recently acquired RSRCHXchange, a marketplace and aggregator for asset managers to consume, discover, and purchase investment research, and the OTAS Technologies in 2017.