Nasdaq, the digital stock exchange, will acquire cloud analytics platform eVestment to provide enhanced data-driven returns to institutional investors.

Nasdaq announced today that it will pay $705 million to acquire the cloud database provider, using a mix of cash on hand and debt, the company announced today.

The company will be using eVestment’s cloud technology to increase its support for investment management; the platform should help facilitate reoccurring returns via its use of predictive analytics. The combination of the cloud provider’s platform and Nasdaq’s own index operations should lead to expanded service, more cashflow, and new solution for Nasdaq, the company said in today’s announcement.

eVestment has over 2,000 clients, which include 92% of “top asset managers,” according to company statements.

Over the last several years, Nasdaq has quietly become as much a data provider as a market for equities. Among its business relationships is a tight affiliation with Xignite, which provides API technology to Nasdaq for its data products.

 Read more at Nasdaq, Marketwatch, and Reuters.