FactSet Research Systems Inc. (NYSE, Nasdaq: FDS) is buying execution management system Portware LLC for $265 million.

Portware, headquartered in New York, develops broker-neutral, automated trading services for the global equities, futures, options and FX markets used by asset managers.

The company has been backed by New York private equity firm Long Ridge Equity Partners since August 2014. Long Ridge generally invests between $10 million to $50 million in financial technology, specialty finance and business services companies.

FactSet provides financial information and analytics to investment professionals. The business expects the acquisition to complement existing services, plus enhance productivity for existing users.

FactSet will fund the deal with an existing revolving credit facility.

There have been several technology deals in the financial services sector recently. Earlier in September, Doxim Inc. agreed to buy Roler Data, which provides document-related services to the financial industry. Before that, Aquiline Capital Partners LLC invested in Fenergo, a developer that makes bank regulation-related software.

Dealmakers polled by Mergers & Acquisitions expect more M&A activity in both financial services and technology. For more, see Tech Deals Expected to Flourish Even When Overall M&A Slows and Expectations for Financial Services M&A are High, but There's Less Irrational Exuberance

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