CDA Investment Technologies
| Company type | Subsidiary (1987–1998) |
|---|---|
| Industry | Financial research |
| Founded | 1966 |
| Founder | Robert A. Levy |
| Defunct | 1998 |
| Fate | Merged with Technimetrics to create Thomson Financial Investor Relations |
| Headquarters | Rockville, Maryland , United States |
Area served | International (offices in New York City, Chicago, San Francisco, Tokyo, London) |
Key people | Robert A. Levy (founder and CEO until 1991) |
| Parent | Thomson Corporation (from 1987) |
CDA Investment Technologies was a financial research company based in Maryland, established by Robert A. Levy. Recognized as an innovator in the development of early financial databases, it gained prominence during the 1980s and 1990s primarily for its mutual fund rankings. Following its purchase by the Thomson Corporation in 1987, CDA functioned as an autonomous subsidiary until 1998, when it combined with Technimetrics to create Thomson Financial Investor Relations.
Establishment and early years
CDA was created in 1966 by Robert A. Levy, shortly after completing his doctorate in Business at American University. It was one of the first firms to utilize computing databases in financial research effectively. Its principal offerings included Spectrum and Cadence Universe. Spectrum monitored the holdings and trades of institutional investors, including investment banks, mutual funds, hedge funds, and industry insiders. Cadence Universe, CDA’s premier product, delivered portfolio analysis tools designed to assess the performance of money managers.
By the mid-1980s, CDA’s mutual fund and money manager rankings were frequently referenced by leading newspapers such as The Wall Street Journal and The New York Times. The company expanded its presence with offices located in New York City, Chicago, San Francisco, Tokyo, and London, while maintaining its headquarters in Rockville, Maryland.
Subsidiary phase
In 1986, Levy sold CDA to the Dutch publishing company Elsevier but continued his role as CEO. CDA’s period under Elsevier was brief, as it was sold the following year in May 1987 to Thomson Corporation at a profit.
Under Thomson’s ownership, CDA largely retained operational independence with Levy remaining at the helm. The firm’s quarterly rankings continued to receive considerable attention from media outlets and industry participants.
Following Levy’s retirement in 1991, CDA grew through acquisitions such as Wiesenberger Financial Services in 1991 and H.F. Pearson & Co in 1993. That same year, CDA collaborated with Nasdaq to produce Corporate Reports, a specialized publication aimed at CFOs of Nasdaq-listed companies providing competitive intelligence. In 1995, CDA further expanded by acquiring proxy research firm Institutional Shareholder Services.
Decline of the CDA brand
Although The Wall Street Journal recognized CDA as a leading financial software provider in 1996, its brand prominence diminished towards the end of the decade. The mutual fund rankings ceased to attract widespread national media coverage.
In 1998, after Thomson purchased Technimetrics from Knight-Ridder, it merged the two entities, effectively ending CDA’s independent status. Both companies were consolidated into what became Thomson Financial Investor Relations.