Nasdaq has rolled out the next generation of its investor relations platform, IR Insight. It is replacing the Thomson One Investor Relations platform, which Nasdaq inherited from Thomson Reuters when it acquired Reuters’ investor relations, public relations, and multimedia solutions businesses in 2013.
Nick Pastoressa, head of Nasdaq corporate solutions products, and Chris Avore, head of Nasdaq Design, told PRWeek the platform was built from the ground up specifically for investor relations officers, but also designed to be more user-friendly. To that end, Nasdaq designed a dashboard interface, a database-wide dynamic search tool, dedicated analytics options, and integrated calendar and collaboration tools that interface with services such as Microsoft Office and LinkedIn.
PRWeek spoke with Nasdaq to learn more about what investor relations officers should know about IR Insight.
What is Nasdaq IR Insight? Why should IROs care about it?
Nick Pastoressa, head of corporate solutions products at Nasdaq:
The Thomson One platform was never really built for investor relations. Thomson One is an offering that Thomson [Reuters] built for many different types of users, so what you end up having is a product that never contemplated the workflow of an IRO.
Rather than typing in a ticker in Thomson One and going through screen-by-screen trying to find out what’s happening in your world, just going into IR Insight, having that immediate dashboard surfacing what’s happening in the world around you - meetings, research, estimates, news - any content that’s important to them, but also the tools and the functionality to get their jobs done.
The other thing we did is we built it open, so that it becomes easier to add other features and other types of content that an investor relations officer might need in order to get their jobs done.
How does IR Insight fit into the financial comms world?
Chris Avore, head of Nasdaq Design:
Really the flexibility of the platform and the resiliency of being able to have different communication channels, services, and feeds go into this platform. The Thomson One was really only good for showing Thomson content, and now the platform is able to turn on content that was previously only thought of as competitors. This system [acts] more as kind of the ecosystem of financial data more so than just a pipe that’s going to show provincial content from only one other person.
The other significant change is the overall experience of it. We’re used to seeing things like Bloomberg Terminal, we’re used to seeing things like Thomson One that really look difficult. They based far more on requiring users to remember how they’ve done things instead of naturally being able to predict how they would do things. We’ve taken a far more user-focused approach to the overall product so that it’s much more modeled after consumer applications that people are using in their personal lives.
What we’re seeing is a lot more convergence. There’s a lot more happening on the communications between a corporation and external parties, but also communication within the corporation. We have a bunch of products here at Nasdaq that sit on different desktops around the organization, whether it be in IR or PR or with directors. And the nice thing about this platform is we’ve built it to be able to start folding in some of these other offerings and build a connectivity to support that communication within the organization
What does IR Insight offer from a comms standpoint that does not exist as a tool for IROs?
There are different providers in the fintech industry that offer various bits of what IR Insight offers. What’s different about IR Insight is that it’s the only product that brings all of that together for an IRO - all the market data they need, the reference data, full coverage of estimates, and research flowing from the brokerage community. Plus, it has all the CMS tools to manage all of their meetings.
The last piece is that Nasdaq has an advisory team that provides services to corporations, and the work that the advisory team at Nasdaq is doing is also integrated into IR Insight. There really isn’t another solution in the market that brings together all of those different capabilities.
Focusing more on the communication and collaboration perspective of that - when [Pastoressa] was bringing up that advisory business, what that has been is a lot of emailing static PDFs, where once an analyst or advisory professional hits the send button, we don’t really have a lot of insight into what happens after that.
Now what we’re getting into is far more of a collaborative sharing platform, where dynamic reports can be generated, where they can comment on them, where they can forward them, or send them back to be modified on any device and be alerted to when there have been changes.
How secure is the platform? What measures have been taken to ensure it remains secure?
Security at Nasdaq is the number one concern. When we look at any product offering, from the very beginning, from the second it’s architected straight though, it’s passing all types of hurdles. All aspects, whether it be the data distribution, the login, all that has gone through a tremendous checking and triple checking with our clients. We had a very long beta test for it because we built it iteratively, and we wanted to make sure we had clients continuing to give a lot of feedback on it.
The other thing that we checked throughout that process is ensuring that it would meet security protocols of all of our users. On that front, it’s as good as it comes.
This story was updated on January 27 to correct that Nasdaq’s IR Insight platform is replacing the Thomson One Investor Relations product previously used by Nasdaq, but Thomson Reuters continues to sell other versions of Thomson One.