FactSet buys Cobalt
FactSet has bought Cobalt Software, expanding the firm’s private markets offering.
Cobalt provides portfolio monitoring software to private capital market funds, aimed at improving operational efficiencies as well as addressing increasingly complex LP and management demands.
“We see tremendous opportunity in private markets, and Cobalt’s leading capabilities across portfolio monitoring, cash flow analytics, and benchmarking analysis offer great value to a wide range of private capital investment firms,” said Goran Skoko, executive vice president, research & advisory solutions at FactSet. “There is a growing need for a complete workflow solution for general partners that connects differentiated data with sophisticated tracking and portfolio reporting. Integrating Cobalt’s offering into FactSet allows us to meet that need while adding proprietary fund performance content to our private markets data universe.”
The deal follows a couple of upgrades to the Cobalt platform that were announced this year. In January, Cobalt added a cap table management function to its portfolio monitoring platform, followed by further updates to the system in April, including personalised dashboards, advanced performance analytics, streamlined data collection and a flexible data model.
In February 2020, Hamilton Lane licenced Cobalt GP from private markets data analytics systems provider Bison, having acquired its sister platform, Cobalt LP the previous month. A spokesperson for Hamilton Lane confirmed to The Drawdown, “The strategic data partnership between Hamilton Lane and Cobalt GP will not change and will continue post-sale.”
FactSet provides content, analytics and flexible technology to more than 160,000 financial services users.