FactSet (FDS 166.54, +1.63, +1.0%), the global provider of integrated financial information, analytical applications, and industry-leading service, announced today that it has completed its acquisition of Interactive Data Managed Solutions ("IDMS") from Intercontinental Exchange (ICE 59.92, +0.05, +0.1%) and that it is updating its fiscal 2017 guidance on account of the IDMS acquisition.
The timing of the deal's closure is consistent with the expectation set by FactSet when it first announced this deal in January. The new element today is the updated guidance.
When FactSet reported its fiscal second quarter results on March 28, the company indicated the IDMS acquisition would have an immaterial impact to its adjusted diluted earnings per share for fiscal 2017.
Today's announcement, however, notes that IDMS will now be accretive by $0.03 to FactSet's adjusted diluted earnings per share for fiscal 2017.
In conjunction with today's news, FactSet also updated its third quarter guidance, saying revenues are now expected to be in the range of $311 million to $317 million, with IDMS adding approximately $10 million in third quarter revenues. Its adjusted diluted earnings per share are now anticipated to be between $1.81 and $1.87.
FactSet's previous third quarter outlook called for revenues to range from $301 million to $307 million and adjusted diluted earnings per share to be between $1.80 and $1.86.
IDMS is a leading managed solutions and portal provider for the global wealth management industry, which is seen by FactSet as a strong growth opportunity. The IDMS acquisition, FactSet said, will augment its growing wealth management business.
Shares of FDS are up 1.9% year-to-date and up 9.0% over the last 52 weeks.