EDGAR Online Inc. Thursday entered into a definitive agreement
to acquire Financial Insight Systems (FIS) in a deal valued at $28 million.
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EDGAR Online is the an online provider of business, financial and
competitive
information derived from U.S. Securities and Exchange Commission. FIS, a
privately held company,
sells EDGAR-derived data and information systems to large financial
institutions.
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Under the terms of the stock purchase agreement, EDGAR Online will
purchase
all the outstanding shares of FIS for $11.8 million in cash, 2.45 million
shares of newly issued EDGAR Online stock and a $6 million two-year 7.5
percent
note.
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Through the acquisition, the organization expects to enhance its position
as a leading, full-service, financial information provider.
"Our two companies couldn't be better suited," said Susan Strausberg, CEO
of
EDGAR Online. "We have built a strong brand name known for
information services provided both on public Web sites and as customized
data services
sold directly to corporations.
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"FIS has concentrated on developing the technology
base needed to extract and deliver very high-quality information from EDGAR
filings," she added. "It has used this superior technology to penetrate the
high-end of the financial information markets. Together we will have the
marketing, technology and
critical mass needed to become a major player in the business information
industry."
She added that benefits of the union include an increase in corporate
customers, improved cash flow and a stronger focus on technology.
The combined company is expected to have an immediate revenue run-rate in
excess of $20 million per year upon completion of the transaction, doubling
the
current revenues of EDGAR Online and moving the company toward
profitability.
The transaction has been recommended by the Board of Directors of each
company and is expected to close within a month. EDGAR Online shareholder
approval is not required.
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