Financial markets data provider Xignite has inked a deal with data usage, tracking, and business monitoring software firm Xpansion that will give capital markets customers even better visibility into and management of their data use and expense.
“Market data is a complex environment where vendor fees and commercial licensing models continue to change, putting pressure on buy and sell side firms to control access and costs,” Xignite CEO and founder Stephane Dubois explained. He added that helping customers more efficiently use market data flow was a key element in the company’s goal of “simplifying, the acquisition, management, and dissemination of market data.”
The strategic partnership will enable Xignite to integrate Xpansion’s XMon analytics and reporting functionality into its Market Data Cloud Platform. This will give Xignite customers enhanced business intelligence, analytics, and reporting capabilities, as well as dashboards and reporting tools to help users analyze and control market data use, as well as manage costs across multiple data vendors.
“Clients consume increasing amounts of data and coupling powerful analytics with a robust data distribution platform is essential in today’s data landscape,” XPansion director and co-founder Amjad Zoghbi said. Zoghbi referred to bringing greater transparency and spending controls to the use of market data as the company’s “focus from the beginning.”
XPansion specializes in cloud-based solutions that help data operations and management teams control data usage better, improving both cost-effectiveness and data governance. The company’s flagship XMon Static Data solution delivers real-time tracking of data requested from external data vendors, data flowing between internal applications and systems, and data exiting the firm as in reports or customer exports. Based in London, U.K., XPansion was founded in 2013.
Headquartered in San Mateo, California, Xignite demonstrated its Cloud Add-in solution at FinovateAsia 2017. The add-in caters to the 1.2 billion Excel users worldwide, enabling them to easily and quickly introduce data – including real-time streaming data – into their Excel spreadsheets.
Earlier this month, Xignite announced that it was the first market data vendor to join the Snowflake Data Exchange. This spring, the company was named to the WealthTech 100, along with seven of its clients including fellow Finovate alums eToro and Tradeit. Also this spring, Xignite announced a partnership with StockCharts.com.
Xignite has raised $37.6 million in funding. QUICK Corporation and StarVest Partners are among the company’s investors.