Curtis Advises LiquidityBook in $246.5 Million Sale to FactSet

Curtis represented LiquidityBook, a leading provider of cloud-native trading solutions, in its sale to FactSet (NYSE: FDS | NASDAQ: FDS) for $246.5 million in cash. The transaction closed on February 7, 2025.

LiquidityBook provides sophisticated order management systems and trading solutions to hedge funds, asset managers, and sell-side institutions. The company's platform enables multi-asset class portfolio management, order execution, and compliance capabilities through a cloud-native, multi-tenant architecture.

The acquisition builds upon an existing strategic partnership between the companies and will enhance FactSet's ability to provide integrated workflow solutions across the portfolio life cycle.

Curtis’ corporate group advised Liquiditybook on all aspects of the transaction, including strategies that maximized the return for its members, while minimizing their risks, and negotiating and drafting the numerous definitive agreements required to close the transaction.

In addition, Curtis also assisted LiquidityBook in navigating the company’s complex capitalization table, which included a large member base holding a combination of units, options and restricted units, along with advising the company on the complicated tax and employee benefits considerations related to the its capitalization table.

The Curtis team was led by the Firm’s New York corporate partners, Larry Goodman and Douglas Glazer, assisted by Klas Holm, Javier Hernandez, Brendan Klaassen, Andrija Durovic, and Grant Olson.