IEX Press Release
A-la-carte pricing model gives developers flexibility and control of their data usage across the enterprise, powering digital transformation
Independent financial data providers partner with IEX Cloud to reach underserved “prosumer” and enterprise market
NEW YORK - March 10, 2021 - IEX Cloud, the financial data business of exchange operator IEX Group, today announced an a-la-carte pricing model that gives customers access to the data they need, including free real-time stock prices from IEX Exchange,* with just one subscription that allows them to scale their plan up or down as their needs change.
The news comes as a dozen independent providers of financial data have joined IEX Cloud’s partner program giving them direct access to IEX Cloud’s growing user community, which recently surpassed 150,000 registered users in more than 120 countries.
“With IEX Cloud we saw an opportunity to offer high quality financial data at a more accessible price point than what is otherwise available in the market today,” said Brad Katsuyama, cofounder and CEO of IEX Group. “Having grown to over 150,000 users, we are pleased at how easy to use it is for customers and how quickly people are adopting it.”
Global spend on financial information and news topped $32 billion in 2019 but rigid licensing terms and one-size-fits-all delivery models leave many individuals and institutional users underserved. Today’s rapid application development cycle and the push for digital transformation in the enterprise market means that companies need more flexible data license terms and usage-based pricing that gives users access to the data they need when and where they want it.
“What people called Data as a Service wasn’t entirely cloud-based until now. Developers working on their own or within large organizations find it cumbersome and time consuming to deal with the vagaries of accessing and paying for financial data. It can take months to license access, negotiate the price, and then build in all the entitlement controls necessary to keep track of usage,” said Tim Baker, Head of IEX Cloud. “IEX Cloud has completely reimagined the model. We allow users to access the financial data they need though one API and with one subscription.”
IEX Cloud’s enterprise-grade service addresses key customer pain points by providing data for a fair price, with reasonable terms and conditions, and ease of use. By bringing together a network of data providers through its partner network, IEX Cloud delivers a comprehensive, flexible and technologically advanced offering that meets the needs of companies and a growing community of users that want an on-demand and cost-efficient option for financial information.
IEX Cloud technology connects independent data providers with end users
IEX Cloud’s delivery model and flexible pricing give developers and financial professionals access to a vibrant and growing data ecosystem that includes data from independent providers, such as New Constructs, Wall Street Horizon, 2iQ Research, and ExtractAlpha. These firms joined IEX Cloud’s partner program in order to serve a broader market of consumers looking for high-quality financial data and developer tools available in one place through one easy subscription.
IEX Cloud partners had this to say about joining the partner program:
- David Trainer, CEO of New Constructs, which provides company fundamentals and valuation data, said, “The mission of IEX Cloud is one that we are very excited about, as they look to provide a fresh alternative to the legacy price structures and licensing methods of institutional incumbents. We are thrilled to have our data be part of their core offering, as well as access to a platform to upsell our award-winning analytics, reports and adjusted financial statements.”
- Barry Star, CEO of Wall Street Horizon, which provides corporate event data, noted, “This industry is ripe for disruption and we believe that IEX Cloud, with their scale and expertise, can deliver on their mission to improve accessibility to financial data. IEX has taken a fundamentally new approach to the market and we are happy to include our high- quality events data included in both the core and premium offerings.”
- Patrick Hable, CEO of 2iQ Research, which collects information about the stock transactions completed by corporate executives, shared, “IEX Cloud is boldly reimagining the business model for financial data in an intensely competitive landscape. We’ve signed on to become part of the IEX Cloud partner community and we look forward to providing our data to a growing user base through their platform.”
- Vinesh Jha, Founder and CEO of ExtractAlpha, an alternative data provider, said, “We sell our ESG data to some of the most prestigious financial institutions in the world. We can use the IEX Cloud platform to reach a broader market of financial professionals, fintechs and individual investors who want the same institutional-grade ESG data on their own terms.”
Developers use IEX Cloud to access curated financial data, including pricing data, fundamentals, news, U.S. and international equities, mutual funds, options, and alternative data. The platform also provides developer tools and services starting with event-driven, automated alerts designed to help users launch quickly and scale effortlessly. Data can also be pulled directly into Excel with the IEX Cloud Excel Add-in.