Interactive Data to acquire "OFS" Assets from Dow Jones & Company
First Published Wednesday, 25 November 2009 from Automated Trader : Data News
Interactive Data acquires Online Financial Solutions Assets from Dow Jones & Company
Ray D’Arcy, president and chief executive officer, Interactive Data: “We believe that acquiring these OFS assets will further accelerate the progress we’ve made over the past several years to rapidly grow our Web-based solutions business in North America.”
Interactive Data Corporation (NYSE: IDC), the provider of financial market data, analytics and related solutions, has announced it has signed an agreement to acquire the data and tools assets of Dow Jones & Company, Inc.’s Online Financial Solutions (“OFS”) business. The transaction is expected to be completed within the next several weeks, contingent upon customary closing conditions.
The OFS data and tools are used to develop and host Web-based solutions, including news, market data, research and advanced charting, portfolio management and alerting capabilities, for approximately 200 financial institutions, active investor services, and media Web portals.
Interactive Data plans to integrate the acquired OFS assets into its U.S. Managed Solutions group, which is part of Interactive Data Real-Time Services. As part of the plans to migrate the OFS customers into Interactive Data’s technical infrastructure, Interactive Data and Dow Jones have entered into a transition services agreement for hosting and other related services for up to two years.
“We believe that acquiring these OFS assets will further accelerate the progress we’ve made over the past several years to rapidly grow our Web-based solutions business in North America,” stated Ray D’Arcy, Interactive Data’s president and chief executive officer. “We see attractive opportunities for us to further expand OFS’s business with its institutional customers by offering them a much broader range of services and solutions. In addition, this acquisition will bring us valuable development and support resources that can help us further scale this part of our business.”
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