Bloomberg and Databricks have joined forces in a strategic collaboration, aiming to provide mutual customers with seamless access to the former’s extensive data offerings through Data License and the cloud-based data management solution, Data License Plus (DL+).

This collaboration is poised to streamline data integration, paving the way for accelerated data analysis, insights generation, and unified governance across various data types, including structured and unstructured data, as well as artificial intelligence (AI) and machine learning (ML) on any cloud or platform.

The industry’s increasing demand for comprehensive data solutions that seamlessly integrate into existing workflows is underscored by this collaboration. Bloomberg Data License content, encompassing reference, pricing, regulatory data, corporate actions, and ESG data, covering more than 70 million securities and 40,000 data fields, can be effortlessly accessed by users.

The service enables users to complement their Bloomberg Bulk subscriptions with customised datasets from Bloomberg’s Per Security service, ensuring they have the right data to meet their specific workflow needs, all supported by Bloomberg’s Unified Data Model.

Databricks financial services global VP Junta Nakai said: “We are thrilled to unveil our collaboration with Bloomberg, which holds immense potential across a multitude of industries and global financial markets. With Databricks powered by Bloomberg’s vast array of data products, the possibilities for advanced analytics become truly limitless.

“Together, we’re poised to revolutionise how organizations harness data-driven insights to make informed decisions that will shape the future of finance and beyond.”

Bloomberg’s cloud-based data management solution, DL+, aggregates, organises, and links a customer’s licensed Bloomberg Data License content, simplifying enterprise-wide usage and reducing clients’ data ingestion efforts.

DL+ empowers customers to control the scheduling of data acquisition and delivery to meet the strict timing requirements of their organisation’s processes. This solution allows customers to leverage cloud technologies while maintaining transparency, consistency, quality, stability, and the specific dataset needs of their organisation.

Databricks’ Lakehouse architecture, a fusion of data lakes and data warehouses, plays a crucial role in helping customers reduce costs and expedite data and AI initiatives. Built on open source and open standards, the platform eliminates historical silos that complicate data and AI processes.

The environment supports collaborative research, advanced machine learning applications (including Generative AI) with MLflow, and the productionalisation of data workflows.

With the integration of Databricks Unity Catalog capabilities, customers gain enhanced discoverability of Bloomberg data, improved AI-enhanced productivity in processing extensive financial datasets, and a simplified yet robust governance and permissioning structure. This integration streamlines access to Bloomberg data, simplifying compliance and accelerating data, AI, and machine learning projects.

Bloomberg Data Management client services global head Don Huff said: “We’re excited to announce this collaboration with Databricks, and to continue to expand efficient access to Bloomberg’s data in the cloud as customers continue to demand large quantities of quality data.

“We look forward to helping more customers benefit from this integrated solution through realising data integration efficiencies, accelerated cloud migrations, accelerated Target Operating Model (TOM) updates and supporting more use cases across enterprises.”