FactSet
| Company type | Public |
|---|---|
| Industry | Financial data and software |
| Founded | 1978 |
| Founder | Howard Wille, Chuck Snyder |
| Headquarters | Norwalk, Connecticut , United States |
Area served | Worldwide |
Key people | Philip A. Hadley (CEO and chairman), Phil Snow (CEO as of 2018) |
| Products | Financial data and analytics software, FactSet Workstation platform |
| Revenue | $2.09 billion (fiscal year 2023) |
Number of employees | Not specified |
| Website | www |
FactSet Research Systems Inc., known simply as FactSet, is a U.S.-based company specializing in financial data and software, with its main office located in Norwalk, Connecticut. It provides comprehensive data and software solutions tailored for financial industry professionals. In the fiscal year 2023, FactSet reported revenue totaling $2.09 billion and held a market capitalization close to $17 billion.
The company’s range of services includes client support, implementation assistance, business consulting, data distribution, index management, portfolio data oversight, and transition facilitation. Its primary competitors in the market are Bloomberg L.P., Refinitiv, and S&P Global.
1977–1980
FactSet was established in 1978 by Howard Wille and Chuck Snyder, who had previously collaborated at Faulkner, Dawkins & Sullivan on Wall Street. As computer technology progressed during the late 1970s, they recognized a chance to provide financial information to clients through computer systems. Before FactSet's inception, companies typically acquired unprocessed data from providers like Compustat and employed programmers to arrange it.
Initially, data was physically delivered by bicycle couriers. The company’s inaugural product, "Company FactSet," produced four-page analytical reports on companies using the Value Line database. Presently, FactSet offers access via a secure private network through WAN, Internet connections, and wireless devices.
1981–1989
During the early 1980s, FactSet operated with fewer than ten staff members. In 1981, founder Howard Wille enabled clients to download data directly into Visicalc spreadsheets from FactSet, simplifying data access and enhancing operational efficiency.
By 1984, FactSet introduced basic screening functions which were further developed in 1988 with the launch of Universal Screening, allowing users to create custom filters. In 1989, the Private Database Service was introduced, permitting clients to store proprietary information and combine it for customized analysis.
Philip A. Hadley joined as a consultant in 1985 and played a significant role in shaping the company’s strategic direction.
1990–2000
In 1990, FactSet launched FactSet for Windows and moved its headquarters from New York City to Greenwich, Connecticut. The company began expanding internationally with new offices opening in London (1993) and Tokyo (1995), marking important milestones in its global presence.
By 1995, FactSet's client base numbered fewer than 400 firms, including 84 of the leading U.S. investment managers. Ahead of its initial public offering, the company rebranded as FactSet Research Systems Inc., going public on the New York Stock Exchange in 1996 under the ticker symbol FDS.
New offerings during this period included Portfolio Management Workstation (1997), Economic Analysis tools, and Company Explorer (1998). The introduction of the DIRECTIONS interface and Online Assistant enhanced user interaction, while around-the-clock live support began in 1999.
In May 2000, founder Howard Wille stepped down as CEO and chairman; Chuck Snyder took over as interim CEO until Philip Hadley was appointed CEO and chairman later that year.
2000–2009
Throughout the early 2000s, FactSet broadened its product range with SPAR (Style, Performance and Risk) for analyzing portfolio risk; Data Central for tailored time-series databases; and Marquee, which combined real-time news with security analysis. The sell-side platform IBCentral was launched in 2004.
That same year saw the consolidation of three Connecticut locations into a single headquarters based in Norwalk. Financial achievements included surpassing $200 million in revenue by 2002 and reaching $500 million by 2008.
In 2008, FactSet acquired Thomson Reuters’ WorldScope database, enriching its product suite with FactSet Fundamentals and reinforcing its position in the competitive financial data market.
2009–2015
In 2009, FactSet merged its DIRECTIONS, Marquee, and IBCentral platforms into one unified product named FactSet, which improved the speed of analytics and introduced collaborative online workspaces. That same year, it incorporated short selling data from Data Explorers into its analytics suite.
By January 2010, FactSet had formed a partnership with FirstRain to offer clients access to a sophisticated web research engine designed to analyze unstructured business information. Prior to this, in June 2008, the company expanded its data resources through the acquisition of the Thomson Fundamentals database.
June 2010 saw FactSet acquire Market Metrics, a U.S.-based market research firm focused on surveys related to advisors and insurance products. In 2011, the company introduced a specialized package for academic users, integrated Proquote trading capabilities, and added environmental research data from Trucost to diversify its offerings.
FactSet continued its growth via acquisitions: in June 2012, it purchased StreetAccount, which provides real-time corporate news and market summaries for investment professionals; in 2013, it acquired Revere Data to enhance its industry classification system under the FactSet Revere brand. These strategic acquisitions strengthened FactSet’s position and influence within financial analytics and data services.
2015–present
On February 9, 2015, FactSet acquired Code Red Inc., a provider of research management solutions tailored for the financial industry.
Later that year, on October 16, 2015, FactSet completed the purchase of Portware, LLC, known for its multi-asset execution management system (EMS).
In December 2016, FactSet broadened its portfolio lifecycle solutions by acquiring Vermilion Software, specializing in client reporting software, along with CYMBA Technologies, an order management system (OMS) provider.
On March 20, 2017, FactSet further enhanced its capabilities by acquiring BISAM, a firm focused on performance and risk management solutions.
Shortly thereafter, on April 3, 2017, FactSet expanded its Wealth Management offerings through the acquisition of Interactive Data Managed Solutions.
In 2018, FactSet marked two decades in Australia and forty years as a company while opening a new office in Shanghai to grow its international presence. CEO Phil Snow reported robust revenue and earnings per share growth alongside record quarterly Annual Subscription Value (ASV), attributing this success to innovative workflow technologies.
That year also introduced the Open:FactSet Marketplace—an online platform providing access to financial and alternative datasets from providers such as Alexandria, Estimize, Genscape, and RepRisk.
A notable milestone in 2018 was securing a multi-year enterprise contract as the primary market data supplier for Merrill Lynch Wealth Management. This agreement supports over 15,000 wealth management professionals with comprehensive multi-asset content and analytics.
In 2020, FactSet acquired Truvalue Labs, an AI-driven pioneer in ESG data. Truvalue Labs analyzes more than 100,000 unstructured text sources across various languages to deliver ESG insights on over 20,000 companies. Its datasets comply with SASB standards and United Nations Sustainable Development Goals (UN SDGs), facilitating quantitative ESG risk evaluation and academic research partnerships.
October 2021 saw FactSet acquire Cobalt Software, a Boston-based provider of portfolio monitoring solutions.
On December 20, 2021, FactSet was added to the S&P 500 index.
Shortly after joining the index, on December 27, 2021, FactSet announced plans to purchase CUSIP Global Services from S&P Global for $1.925 billion in cash. CUSIP Global Services is the exclusive global issuer of CUSIP and CINS identifiers as well as the official U.S. ISIN numbering agency.
In February 2025, FactSet enhanced its cloud-based portfolio management offerings by acquiring LiquidityBook for $246.5 million, boosting its order and execution management systems capabilities.
Products
FactSet provides a comprehensive suite of data and analytical tools tailored for professionals on both the buy-side and sell-side, including portfolio managers, analysts, risk officers, equity researchers, investment bankers, and fixed income experts. Its Workstation platform delivers real-time market news and quotes, detailed company and portfolio evaluations, comparative analysis across multiple firms, industry trends, advanced screening capabilities, portfolio simulation and optimization features, predictive risk assessments, alpha generation testing, as well as fixed income valuation instruments.
In November 2020, FactSet transitioned more than 400 affinity databases to Amazon Web Services (AWS), significantly upgrading its cloud infrastructure capabilities.
Clients
By August 2023, FactSet supported a client base exceeding 7,900 organizations with around 190,000 active users. The firm consistently achieves an annual client retention rate above 95%.
Financials
During the fourth quarter of fiscal year 2021, FactSet reported Non-GAAP revenues of $1.6 billion, marking a 6.5% increase from $1.5 billion in the previous year. This growth was fueled by organic expansion within its analytics division, content and technology solutions (CTS), and wealth management services. Net income rose by 7.1% to reach $400 million, aided by a reduction in operating expenses from $359 million to $331 million. Annual subscription value (ASV) experienced a 14% uplift with nearly 20,000 new clients added and retention improving from 91% to 95%. The combined total of organic ASV plus professional services amounted to $1.68 billion—a 7.2% rise—driven by sales in workflow solutions spanning Analytics, Trading, CTS, and Research sectors.
Investor concerns
FactSet obtains data from various suppliers such as Barra, Dow Jones, Russell, and Lipper. To minimize vendor dependency risks—given that contracts can be terminated with a one-year notice—the company sustains partnerships with multiple vendors for each category of data. Since the year 2000, FactSet has completed close to 15 acquisitions, including seven content providers, bolstering its growth trajectory and competitive positioning.
Management
- F. Philip Snow, Chief Executive Officer and Director
- Helen Shan, Chief Financial Officer
- Rachel R. Stern, Senior Vice President of Strategic Resources, General Counsel and Secretary
- Catrina Harding, Chief People Officer
- Kate Stepp, Chief Technology Officer
- Monica Landen, Chief Information Security Officer
- Goran Skoko, Chief Revenue Officer
External links
- Articles with short description
- American companies established in 1978
- Financial services companies established in 1978
- Companies listed on the New York Stock Exchange
- Financial services companies of the United States
- Financial data vendors
- Companies based in Norwalk, Connecticut
- 1996 initial public offerings
- Companies of the United States by year of establishment
- 5