TipRanks Team (company pic)
Israeli-based fintech company TipRanks is acquiring New Jersey-based financial news site The Fly. The purchase price was not disclosed, but according to Globes, the deal is worth $15 million.
Founded in 2012 by Uri Gruenbaum and Gilad Gat, TipRanks provides a stock research platform that makes alternative datasets accessible and visual for retail investors.
In 2013 TipRanks launched its Financial Accountability Engine to bring for the first time transparency to online investment advice. The system tracks and measures the performance of over 7,000 professional analysts and enables investors to see their track record and evaluate their advice Using Natural Language Processing. The service quickly became the standard in Wall Street for ranking analysts and is used by most banks.
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In 2014, former New York governor Eliot Spitzer invested in the company.
Founded in 1998, The Fly is a digital publisher of real-time financial news, reporting on and explaining the news that impacts publicly traded companies. The Fly’s boasts that its live-streaming subscription service breaks the material information moving stocks. “The Fly’s team scours all sources of company news, from mainstream to cutting-edge, then filters out the noise to deliver short-form stories consisting of only market-moving content.” Analyst research notes, company press releases, SEC filings, newspapers, blogs, social media and trading desk sources are among the many areas monitored by its experts.
“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,” said Uri Gruenbaum, Chief Executive Officer, TipRanks. “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 offerings 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.”
“TipRanks is a natural home for The Fly,” said Ron Etergino, The Fly’s President. “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.”
