1977–1980
FactSet was founded by Howard Wille and Chuck Snyder in 1978. Their partnership began in 1977 when the two worked on Wall Street at Faulkner, Dawkins & Sullivan.[7]
As computers became more prominent at the end of the 1970s, Wille and Snyder thought the industry was changing. When Shearson purchased Faulkner, Dawkins & Sullivan and the company started to expand, Wille and Snyder decided to set out on their own and test their idea for a company that could deliver computer-based financial information. At the time, companies had to purchase raw data directly from a vendor such as Compustat, then hire programmers to make the data user-friendly. Wille and Snyder's vision would offer usable data directly to the client.
Originally, all data was delivered to clients on paper, often by bike messenger. The original namesake product was a program called "Company FactSet," which produced a four-page company analysis report using the Value Line database. Today, users access FactSet's private network via WAN, Internet, and wireless devices.
1981–1989
In the early 1980s, FactSet had fewer than ten employees. In 1981, Snyder found a way to download data from the FactSet computer into Visicalc, allowing clients to retrieve data from a database directly into a spreadsheet. For the first time, several steps in the process were eliminated, making the data download process dramatically quicker.
In 1984, FactSet added limited screening capabilities, which were expanded in 1988 with the introduction of Universal Screening, which allowed users to stipulate their own screening criteria. Another development was the 1989 release of the company's Private Database Service. Users could now store proprietary data and integrate it with their own information to perform custom analysis.[7]
Former Chairman Philip A. Hadley joined the company as a consultant in 1985.[8]
1990–2000
In 1990, FactSet for Windows was released. That same year, company headquarters moved from New York City to Greenwich, Connecticut.
A London office opened in 1993, the first in Europe. The first Asia-Pacific office opened in Tokyo in 1995.
By the end of 1995, FactSet had fewer than 400 customers including 84 of the United States' top investment managers. The company changed its name in June 1995 to FactSet Research Systems Inc. in preparation for becoming a public company. The company began trading on the New York Stock Exchange in 1996 under the symbol FDS.[9]
In 1997, the company released Portfolio Management Workstation, followed a year later by the Economic Analysis and Company Explorer applications.
The product became easier to use in 1998, with the release of the DIRECTIONS interface and the addition of Online Assistant, a web-based help and reference tool. FactSet introduced 24-hour live telephone support in 1999.
Wille retired as CEO and chairman in May 2000. Snyder served as interim CEO until September of that year, when Hadley was named the new CEO and chairman.
2000–2009
In the early 2000s, new products included a portfolio returns product, SPAR (Style, Performance and Risk), that allowed portfolio managers to analyze the risks and performance of their own funds as well as compare them with peer funds; the Data Central application, which allowed subscribers to create and save their own time-series databases; and Marquee, which combined real-time news and stock quotes with security-level analysis.[7] In 2004, the company's sell-side platform, IBCentral, was released.
Also in 2004, the company relocated headquarters and consolidated its three Connecticut offices to Norwalk, Connecticut. Sales topped the $200 million mark for the first time in 2002 and $500 million in 2008.
In 2008, FactSet acquired a copy of the Thomson Reuters WorldScope database, which it develops and markets as FactSet Fundamentals.[10]
2009–2015
In 2009, FactSet combined its DIRECTIONS, Marquee, and IBCentral platforms into one product, called FactSet.[11] The platform combined the features of the previous platforms with new shared online workspaces and faster analytics. Also in 2009, FactSet integrated Data Explorers short selling data on the Factset Research Systems analytics platform.[12]
In January 2010, FactSet and FirstRain announced a partnership that would allow FactSet clients to access FirstRain's web research engine that finds, filters, and analyzes unstructured business data available online.[13]
In June 2008, FactSet completed the acquisition of the Thomson Fundamentals database.[14]
In June 2010, FactSet acquired Market Metrics, a market research firm situated in the United States that is solely focused on surveys conducted on advisor and insurance products.[15]
2015–present
On February 9, 2015, FactSet acquired Code Red Inc, a provider of Research Management technology to the financial community.[21]
On October 16, 2015, FactSet completed its acquisition of Portware, LLC, a multi-asset execution management system (EMS) provider.[22]
In December 2016, FactSet acquired Vermilion Software, a client reporting software provider, and CYMBA Technologies, an order management system (OMS) provider.[23]
On March 20, 2017, FactSet acquired BISAM, a performance and risk provider, strengthening its coverage of critical workflows throughout the portfolio lifecycle.[24]
On April 3, 2017, FactSet strengthened its offering to the Wealth Management industry by completing its acquisition of Interactive Data Managed Solutions.[25]
