The Israeli TipRanks acquires the American breaking news company The Fly in exchange for 10-15 million dollars. This is the first acquisition in the history of Tipranx and it marks the beginning of the A&M strategy in the company.
The Fly, which has been active for 25 years, is a significant company in creating breaking news in the worlds of economics and capital markets; Tipranks management believes that in this period every piece of information that may affect the price of a share is important, therefore the immediacy of breaking news plays a critical role and their integration into Tipranks’ information systems will provide value to users.
Tipranx, which specializes in data analysis and analysis for investment needs, was founded a decade ago by Gilad Gat (VP of Technologies) and Uri Greenbaum (CEO). The company has developed an algorithm that measures and ranks text and data with financial recommendations. The company monitors the texts of over 96 thousand financial experts – analysts, hedge fund managers, financial bloggers and stakeholders, and determines for its user audience how reliable the investment expert is, and as a result – where it is worth investing.
The Fly was established 24 years ago and produces breaking economic-financial news in real time. Among its other collaborations, it has so far served as one of Tipranx’s content providers
“TiFranks is committed to empowering investors with the best data and research tools, and now with one of the fastest and most accurate breaking news services”, says Uri Greenbaum, CEO of TiFranks at the same time as reporting the transaction, “We have been working with The Fly’s excellent team for 8 years, And we have always been impressed by the professionalism, speed and accuracy with which they analyze data and publish news. We see a lot of synergy between our companies and are excited to be able to expand our solution offering to provide fresh news. With The Fly we simulate the vision of becoming the ultimate One Stop Shop platform for the retail investor.”
“TiFranks is a natural home for The Fly,” notes Ron Atargino, president of The Fly and one of its two founders. “Both companies aim to raise the level of the research tools and database provided to institutional and retail investors. We were impressed by Tipranks’ vision and we are very excited about entering the new chapter in the company’s history, both for us and for our employees and customers. The combination between the two companies will advance The Fly’s vision to break through with the news that drives stocks”.
Tipranks has raised 106 million dollars since its establishment – 46 million dollars for investment in the B round which was led by the investment company Prytek, whose chairman is Yair Sarosi, formerly the chairman of Bank Hapoalim. In addition, about 60 million dollars were invested in the company in secondary investments. Tipranks currently employs 86 people, and together with The Fly employees it will employ a total of 114 people.
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