Israeli fintech company dealing with the analysis of financial big data which creates market research tools for retail investors has executed its first ever acquisition since its 2012 inception.
TipRank, the Fintech company operating from Israel has completed the acquisition of The Fly; the popular news site for the sum of $15 million marking TipRanks . This deal marks the first successful acquisition from the Israeli company since it was founded in 2012.
The company which was founded by the duo of Uri Gruenbaum and Gilad Gat runs a stock research platform which makes presents visual and accessible datasets for retail investors.
Adopting a Natural Language Processing system, TipRanks tracks and measures the presentation of professional analysts using their track record to evaluate and make suggestions to them. The system run by The Fly has identifiable similarities with Tipranks with the likes of Dow Jones and Bloomberg in its clientele register.
While TipRanks employs 86 people, The Fly which operates from New Jersey engages 28 employees and has been a constant content provider for TipRanks for eight years. The completed deal now means TipRanks will integrate TheFlys 28 employees into its system. Since 2012 when it was founded, TipRanks has successfully secured $99 million and this includes 2021’s $77 million which came from Prytek and More Investment House in April.
The Fly was founded in 1998 as a real time financial news agency. The digital publishing company focuses especially on the report and explanation of the activities of publicly traded company and has been run independently without external funding until its TipRanks deal.
TipRanks will now hope to become the one-stop-shop platform for the retail investor with this acquisition. Speaking on the acquisition Greenbaum echoes how the deal will facilitate the pursuance of TipRanks’ vision.
 “We see a lot of synergy between our companies and are excited that we can expand our offerings to provide breaking news – one of the top requirements of our Enterprise customers and end users.”
As originally reported in (https://www.calcalistech.com/ctechnews/article/rjbt0xv9s?utm_source=taboola&utm_medium=referral&utm_content=internal)
