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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.”

ANALYSTS & INVESTORS – ir@euronext.com
Investor Relations	Aurélie Cohen	+33 1 70 48 24 17	ir@euronext.com
	Judith Stein	+33 6 15 23 91 97	ir@euronext.com
MEDIA – mediateam@euronext.com
Europe	Aurélie Cohen	+33 1 70 48 24 45	mediateam@euronext.com
	Andrea Monzani	+39 02 72 42 62 13
Amsterdam	Marianne Aalders	+31 20 721 41 33	amsterdampressoffice@euronext.com
Brussels	Marianne Aalders	+32 26 20 15 01	brusselspressoffice@euronext.com
Dublin	Andrea Monzani	+39 02 72 42 62 13	dublinpressoffice@euronext.com
Lisbon	Sandra Machado	+351 91 777 68 97	portugalpressoffice@euronext.com
Milan, Rome	Ester Russom	+39 02 72 42 67 56	italypressoffice@euronext.com
Oslo	Cathrine Lorvik Segerlund	+47 41 69 59 10	oslopressoffice@euronext.com
Paris, Corporate	Flavio Bornancin-Tomasella	+33 1 70 48 24 45	parispressoffice@euronext.com
Corporate Services	Coralie Patri	+33 7 88 34 27 44	parispressoffice@euronext.com

About Euronext

Euronext is the leading pan-European market infrastructure, connecting European economies to global capital markets, to accelerate innovation and sustainable growth. It operates regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal. With nearly 1,900 listed issuers and around €6.5 trillion in market capitalisation as of end June 2024, it has an unmatched blue-chip franchise and a strong diverse domestic and international client base. Euronext operates regulated and transparent equity and derivatives markets, one of Europe’s leading electronic fixed income trading markets and is the largest centre for debt and funds listings in the world. Its total product offering includes Equities, FX, Exchange Traded Funds, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices. The Group provides a multi-asset clearing house through Euronext Clearing, and custody and settlement services through Euronext Securities central securities depositories in Denmark, Italy, Norway and Portugal. Euronext also leverages its expertise in running markets by providing technology and managed services to third parties. In addition to its main regulated market, it also operates a number of junior markets, simplifying access to listing for SMEs. For the latest news, follow us on X (twitter.com/euronext) and LinkedIn (linkedin.com/euronext).

Disclaimer

This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

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