TipRanks to work with The Fly in a strategic acquisition deal
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TipRanks, one of the largest financial big data companies focused on the retail market, will be closing the acquisition of The Fly, a digital publishing company of financial news. The acquisition of The Fly is strategic as it will help TipRanks improve its existing services.
TipRanks to acquire The Fly
The chief executive officer at TipRanks, Uri Gruenbaum, commented on this development saying that the company was committed to supporting investors, giving them access to the data and research tools. This commitment would be strengthened by the latest acquisition of The Fly.
“We have been working with the excellent team at The Fly for many years, and we have always been impressed by the professionalism, speed, and accuracy with which they analyze data and publish breaking news stories,” Gruenbaum said.
The executive further said there was a synergy between the two companies, with breaking news being the latest addition to TipRanks offerings. By working with The Fly, TipRanks would further its vision to become the go-to platform for retail investors. The acquisition deal between the two companies is expected to close by the end of the first quarter of 2023.
The Fly is a publication that was created in 1998. The company provides its services with analyst research notes, press releases, SEC filings, blogs, social media, and newspapers. The Fly comes with a free service, and it sells subscriptions. The publication’s website notes that the platform has worked with leading brands in the financial sector, such as Bloomberg, NYSE, and The Street.
The President of The Fly, Ron Etergino, commented on the development saying that the two companies wanted a level playing field for investors. TipRanks also offered institutional-grade data and tools that would support the financial news products offered by The Fly.
Etergino said that the publication was pleased with the vision offered by TipRanks, and was excited about the new initiative for the clients and employees. “The combination will further The Fly’s mission of breaking news that is moving stocks,” Etergino added.
TipRanks focus on global expansion
The acquisition deal between the two companies comes when TipRanks is focused on its global expansion. The company is expanding its global footprint by securing multiple partnerships across the industry.
One of the recently acquired deals is with Admirals and Futu, some of the leading online brokerage firms in China and Southeast Asia. TipRanks also expanded its services by joining the Nasdaq Data Link platform.
The company expanded into the US market through a partnership with eTrade and Canada through a deal with TD Bank. TipRanks also expanded to the UK and secured a deal with Stockal, a company that offers retail investors in India access to stocks of US companies.
