Nasdaq is exploring "strategic alternatives" for its $195M revenues PR and digital units as part of CEO Adena Friedman's effort to bolster the electronic stock exchange's expansion of its technology, data and analytics businesses.
The New York-based company this month announced a $705M deal to acquire eVestment Alliance LLC, which provides cloud-based services to clients such as Morgan Stanley, BlackRock and Google parent Alphabet Inc.
Housed within the corporate solutions operation, Nasdaq's PR/digital units include GlobeNewswire (press release distribution platform/media contacts database), Nasdaq Media Intelligence (media monitoring, analyst-curated news reporting) and webhosting/webinars/video presentations services. They chalked up $25M in operating income for the fiscal year ended June and generated eight percent of Nasdaq's revenue.
"Nasdaq Corporate Solutions is a market-leading franchise built over the last decade to help public and private companies around the world successfully navigate the capital markets," said Friedman in a statement. "As a technology company, our growth path requires a review of our core strengths matched with the evolving needs of our clients. We intend to use our strengths in advanced marketplace technology and information analytics, coupled with our deep understanding of market dynamics, to provide actionable intelligence to corporate executives and boards, through our world-leading Investor Relations and Governance intelligence and collaboration tools."
The exchange is keeping corporate services units that provide tools to boards of companies and IR teams.
Nearly 4,000 companies with a market value of $12T list on the Nasdaq.