Investment Technology (ITG) acquired Majestic Research Corp., an independent provider of data-driven equity research which will now be known, post-acquisition, as ITG Investment Research. Majestic provides coverage of more than 200 companies and furnishes macroeconomics and bespoke research reports for about 200 clients throughout the U.S. and Europe. ITG reports that, with the addition of Majestic to its platform, it will be able to offer more investment value to portfolio managers, analysts, and traders.
Majestic was purchased by ITG at $56 million, consisting of $53 million cash and $3 million in converted employee equity awards. ITG expects that the acquisition will have a positive impact on earnings in 1Q 2011.