Euronext acquires leading research and market data benchmarking provider Substantive Research

Amsterdam, Brussels, Dublin, Lisbon, London, Milan, Oslo and Paris – 17 September 2024 – Euronext today announces that it has acquired 100% of Substantive Research, an industry-leading pioneer providing in-depth transparency on product and pricing comparison for investment research spend, market data and investment research content. 

Founded in 2015 and headquartered in London, Substantive Research provides research and market data benchmarking to a growing base of over 100 global clients, across Europe and North America, including asset managers, hedge funds, wealth managers, sell-side institutions and private markets. Substantive Research provides valuable insights into research pricing and spending, benchmarks of market data providers, and automated delivery of user-customised research content.

Euronext, through its subsidiary Commcise, offers cloud-based, fully-integrated commission management, research valuation, consumption tracking and payment solutions which are connected to over 1,000+ capital markets participants globally. Commcise brings the buy-side, sell-side and research providers together using technologies that are designed to service the needs of each participant, and its business has grown rapidly since joining Euronext in December 2018. 

The combination of Commcise and Substantive Research offers multiple benefits for customers. Following the integration of Substantive Research, Commcise clients will be able to gain access to unique market benchmarks within the application. This will enable asset managers to demonstrate compliance with evolving regulation with the help of a single, integrated technology solution. Substantive Research customers will benefit from Euronext and Commcise’s scale, which will help Substantive Research to grow the universe of vendors that are benchmarked and also expand the variety of benchmarking products that it can offer to the buy- and sell-side.

The transaction complies with Euronext capital allocation policy. It will further reinforce Euronext’s growing investor services segment with high-quality, recurring revenues, and strengthen the Group’s proximity with the buy-side community. 

Camille Beudin, Head of Diversified Services of Euronext, said:

“The acquisition of Substantive Research will accelerate the growth of our Investor Services business with leading research and market data benchmarking capabilities and cross-selling potential with Commcise, our commission management and research valuation solutions.

We are looking forward to work with the teams of Substantive Research to further scale the business to the benefit of our clients worldwide.”

Mike Carrodus, Founder and CEO of Substantive Research, said: 

“Euronext’s acquisition of Substantive Research underlines our team’s hard work in creating a unique  price benchmarking database in investment research and market data.  With the research market poised for yet more regulatory-driven changes, plus market data consumers grappling with increasing costs and pricing opacity, we are so excited to be able to accelerate our coverage and data depth with Commcise and Euronext’s insight and resources. It feels great that we can now accelerate development into areas we know our clients need greater market transparency.”

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