Prytek, an international technology group, has acquired TipRanks, an investment research platform, for approximately $200 million. TipRanks provides alternative datasets and insights to both retail investors and financial institutions.

The platform serves over 50 million users each month and has a client base that includes notable financial institutions such as Nasdaq, Robinhood, CIBC, Morgan Stanley, TD, and Rakuten.

Prytek Acquires TipRanks Platform

TipRanks was founded in 2012 by Gilad Gat and Uri Gruenbaum. The company initially made its mark by creating a platform that ranked and measured the performance of professional analysts. This approach aimed to enhance the accuracy of investment information available to users.

Prytek’s relationship with TipRanks dates back to 2017, when it made a strategic investment in the platform. Prytek’s goal was to distribute TipRanks' services to its network of financial institutions.

In May 2021, Finance Magnates reported that Prytek invested significantly in TipRanks. This investment is part of Prytek's broader strategy and supports TipRanks' use of machine learning and NLP technology to simplify investment decisions for retail investors.

Following the success of this collaboration, Prytek decided to fully acquire TipRanks and integrate it into its financial services division, which already works with major global financial institutions.

Andrey Yashunsky, Founder of Prytek, commented: “We spotted TipRanks’ potential to democratise investment information nearly a decade ago and knew we wanted to be part of their journey. With our strong performing financial services division, having a resource which has revolutionised access to investment insights, data and news will shape the future of our ever-expanding value chain.”

Earlier, DXtrade partnered with TipRanks to integrate stock research tools into its multi-asset trading platform, offering traders real-time data insights.

IC Markets also incorporated TipRanks' analytical suite into its platform, providing enhanced market insights. Additionally, TBC Capital in Georgia added TipRanks' tools to its platform, giving customers access to financial data typically available to hedge funds and high-net-worth investors.

Expanding Financial Reach

TipRanks has grown significantly over the past decade, becoming a key player in the financial data industry. Its services are now used by more than 100 banks, financial institutions, and trading platforms worldwide.

“The sale of control of TipRanks was not an easy move for me and Gilad (co-founder). It's truly an exceptional company with high profitability and impressive double-digit growth, for which we are hugely proud. Over the years, we received numerous acquisition offers from various entities, and our response was always to decline,” said Uri Gruenbaum, CEO of TipRanks.

“TipRanks’ connection with Prytek is very natural, because of their synergistic ability to integrate us into their hundreds of clients, and due to the human factor – the chemistry was there from day one!”