GlobalData PLC on Friday said it has bought economic research firm TSL Research Group Ltd, for an undisclosed amount.

GlobalData is a London-based data analytics and consulting company. TSL is a provider of global economic and political research to businesses and financial markets.

GlobalData said that the acquisition will provide it with further access to sell its full product line to the asset management industry. TSL also will bring a team of research analysts and economists to the company.

GlobalData added that with the acquisition alongside its ‘continued strong performance’, the board remains confident of delivering market expectations.

Chief Executive Officer Mike Danson said: ‘In economic climates such as the environment facing international corporations and the global asset management industry, the intelligence and insight offered by businesses such as ours becomes even more valuable.

‘With TS Lombard, we have taken a significant step in boosting our expertise and the product that will be available via the GlobalData platform. It’s an investment that drives our high retention rates through economic cycles and provides our business with added resilient growth,’ Danson added.

GlobalData shares were down 1.8% at 1,105.00 pence each in London early Friday.

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