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UPDATE 1-Nasdaq to buy analytics firm eVestment for $705 mln

(Adds details)

Sept 5 (Reuters) - U.S. exchange operator Nasdaq Inc said on Tuesday it would buy investment analytics provider eVestment Alliance LLC for $705 million to broaden its reach to buy-side clients.

Evestment, whose cloud-based services help institutional investors monitor market trends and make investment decisions, will boost Nasdaq's market data services business.

Nasdaq's market data business provides investors information to make better investment decisions.

Revenue from that business rose 7.5 percent in the second quarter ended June.

Nasdaq said it would use debt and cash on hand to buy eVestment.

The deal is expected to close in the fourth quarter of 2017. (Reporting by Nikhil Subba and Diptendu Lahiri in Bengaluru; Editing by Sai Sachin Ravikumar)