Interactive Data Corporation, a market data and trading analytics provider, has agreed to purchase the data and analytics assets of information firm Dow Jones’ Online Financial Solutions (OFS) business.
The OFS data and tools suite is used to develop and host web-based market data, research, charting, portfolio management and alerting capabilities for around 200 institutions.
As part of the deal, Dow Jones will enter into a non-exclusive redistribution agreement with Interactive Data to sell its MarketWatch news to new and existing OFS clients.
Interactive Data plans to integrate OFS into its US Managed Solutions group, which is part of Interactive Data Real-Time Services.
As part of the migration of existing OFS customers to Interactive Data’s technical infrastructure, the two companies have entered into a transition services agreement for hosting and other related services for up to two years. Interactive Data intends to retain a number of current OFS employees.
“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,” said Ray D’Arcy, Interactive Data’s president and chief executive officer, in a statement. “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.”
The transaction is expected to close within the next several weeks, depending on customary closing conditions.