Markit has purchased NTC Economics, which offers global macro-economic indicators and owner of the Purchasing Managers Index (PMI) series.
This is a strategic move for Markit as we continue to build our company around the creation and acquisition of financial market content," Lance Uggla, chief executive officer of Markit, said in a Markit release on the acquisition. "Up until now, we have focused our efforts on content that is quantitative in nature. The acquisition of NTC Economics s our first foray into content that lends itself to more qualitative analysis.
In the same release, Mike Waterson, CEO of NTC Economics, said that his firm's acquisition by Markit "will ensure that the business weve built over the past sixteen years will continue to flourish.
NTCs indices and surveys serve as indicators of business conditions. The PMI series, in particular, has a clientele of 200,000 people in 1,000 organizations that include central banks that use the data for information on interest rate and foreign exchange, among other things.