Orenda works in social investment and alternative datasets. Financial terms of the deal were not disclosed.
The operator of the Swiss stock exchange SIX has acquired a majority stake in the Canadian company Orenda Software Solutions. In a press release published on the exchange website, it is said that the deal will be closed in the first quarter of 2021. Financial terms of the agreement were not disclosed.
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- Orenda specializes in social investment (ESG) and alternative datasets. The company’s software platform uses artificial intelligence to analyze social media posts to determine public opinion about an organization’s reputation in order to assess the sustainability and social impact of an investment.
- SIX said in a statement that control of Orenda will strengthen the social investment segment as well as expand the supply of alternative data. The data provided by Orenda empowers investors to “make better decisions”.
- According to Orenda founder and CEO Tanya Sijay, the investment from SIX will allow the company to expand its customer base and launch a range of new products.
- Stock exchanges are increasingly interested in analytical companies that work in the field of social investment. In November last year, Deutsche Boerse, a stock exchange, agreed to buy out a controlling stake in Institutional Shareholder Services, a consulting company that conducts ESG research.
