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Interactive Data (IDC) decides to acquire 7tick |
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Financial market data company Interactive Data Corp. (IDC) has decided to acquire electronic trading network and services provider company 7ticks LLC. The acquisition, IDC said, will help it enhance timely delivery of its trading data to institutional customers by further reducing delays, or latency, within its data storage platform. Interactive Data said it would retain all 42 employees of 7tick, which will be part of IDC’s new real-time market data and trading services group. IDC, currently in expansion mode, is said to have plans of further increasing its penetration in Asia and Europe within a year. The company reportedly agreed to pay up to $51.2 million for 7ticks, with the transaction expected to close sometime in early 2010. The agreement includes a tiered earn-out clause that represents $21.2 million of the deal’s potential value, while Interactive Data will pay $30.0 million in cash upon the deal’s closing. A large part of IDC's growth has been inorganic, driven by acquisitions that enabled it to expand into new markets and build its portfolio of products. In 2006, it acquired Quote.com and other related assets from Lycos, adding popular financial websites Quote.com and RagingBull.com to its own portfolio. The move helped it build a new revenue stream from advertising even as both websites now offer NYSE Euronext and NASDAQ-listed stocks’ real-time last sale data and quote market data from BATS Trading. Other acquisitions included domestic data providers such as Exotech as well as international providers, largely in Europe. IDC also partnered with Salesforce.com, whereby a broad range of financial information and sophisticated tools were available on SalesForce.com’s AppExchange. Reports said that acquisitions represented around one percent of the total 2008 revenue growth with further gains expected as the company continues with its acquisition strategy, through acquisitions contributions are reported to have been below expectations because of an underestimation of inter-company revenues. The downside of this strategy also includes the disproportionate demands in terms of time and attention that the integration of a newly acquired business places on management’s financial and other resources, which gives them lesser time to focus on the existing business. |
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