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Lots of people adding Factset terminals
“:Net user count, of FactSet terminals increased this quarter by nearly a 1,000 users, in total 55,600 at quarter end. The net user addition in Q1 is our highest since November 2007. Overall users are up 9% year-over-year. This is the best annual user growth rate in more than three years.”
Seeing expansion on buy/sell side
“The group came from both buy and sell-side clients. As discussed last quarter, we continue to see an uptick from our investment banking clients whose activities had previously languished over the past few years.
From what we have seen M&A and capital market activities are on the rise. As a result, we’ve seen few cancellations and expected from our investment banking clients.
The market environment for our buy-side clients also continues to be constructive as the majority of our user expansion in this quarter came from this segment.”
The potential customer base is pretty static
“The FactSet — the end customer base is static for us. It’s true for almost every player in this industry. Certainly, the bulk of the revenue of the industry comes from the largest 500 firms in this space. I remember when we went public we had 85 of the top 100. I’m sure we’re deep into the 90s at this point. So the client count hasn’t changed much over time. It’s really about selling workflows to the clients we have.”