TipRanks, a financial big data company offering research tools to retail investors, has agreed to acquire New Jersey-based The Fly, a digital publisher of real-time financial news.

TipRanks to Acquire The Fly

The decision of TipRanks to acquire The Fly is strategic, as the real-time financial news will supplement and further strengthen its existing services.

"TipRanks 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," the Chief Executive Officer of TipRanks, Uri Gruenbaum, said in a statement shared with Finance Magnates.

"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. We see a lot of synergy between our companies and are excited that we can expand our offering to provide breaking news – one of the top requirements of our Enterprise customers and end users. With The Fly, TipRanks is furthering its vision of becoming the ultimate one-stop-shop platform for the retail investor."

The two companies expect to close the acquisition deal by the first quarter of the year. However, the financial terms are not known.

TipRanks' Expansion Globally

The acquisition agreement came when the company expanded its footprint with industry partnerships. Recently, the company partnered with Admirals following a similar deal with Futu, one of the major online brokers in China and Southeast Asia. TipRanks even joined the Nasdaq Data Link platform to enhance its services further.

Earlier, the company entered the US by partnering with eTrade, and in Canada with TD Bank. In addition, it launched its services in the United Kingdom and tied with Stockal, an investing platform providing Indian retail investors direct access to US stocks.

Established in 1998, The Fly reports and explains news that impacts publicly-traded companies. It gathers sources from analyst research notes, company press releases, SEC filings, newspapers, blogs, social media, and trading desk sources for its services. Apart from its free services, the company sells subscriptions.

According to The Fly's website, the platform has partnered with several major financial industry brands like Bloomberg, The Street, NYSE, RavenPack, Factiva, and many more.

"TipRanks is a natural home for The Fly," said Ron Etergino, the President at The Fly. "Both companies strive to level the playing field for investors, and TipRanks' institutional-grade research tools and data will enhance The Fly's financial news products. We have been impressed with TipRanks' vision and are very excited about entering this new chapter, both for our employees and our clients. The combination will further The Fly's mission of breaking the news that is moving stocks."