Acquisition greatly bolsters Capital IQ's product development pipeline
NEW YORK, N.Y., November 10, 2003 - Capital IQ, Inc., a leading provider of integrated information and technology solutions to financial firms and corporations, today announced that it has completed the acquisition of Simplystocks, Inc., an India-based provider of market data and outsourced financial research. The acquisition terms were not disclosed.
The acquisition is expected to significantly bolster Capital IQ's product development pipeline and boost Capital IQ's staff to more than 800 employees worldwide.
Simplystocks collects detailed financial information on over 16,000 U.S., Canadian, European, Asian, and Latin American public companies. Its depth of coverage extends to more than 600 financial items, including those related to intangible assets, footnotes, supplemental information, pension plans, stock options, and corporate governance. Simplystocks is considered to be the most detailed, timely, and accurate provider of public company fundamentals.
Capital IQ provides, on one platform, much of the information and tools that an investment, advisory, or corporate professional needs to be highly productive. Capital IQ is a highly regarded, widely adopted service with over 550 financial firms and corporations as clients. With the acquisition, Capital IQ now has an around-the-clock, global research operation covering hundreds of thousands of public and private companies, investment firms, and professionals worldwide.
Neal Goldman, Managing Principal of Capital IQ, said: "This acquisition will enable us to build some truly unique functionality. We expect our clients to be surprised and delighted in the first half of next year as we start unveiling some of what's in our product development pipeline."
Dr. Kumara Prathipati, Chief Executive Officer of Simplystocks, said: "This transaction made immense strategic sense for both sides. Capital IQ wanted a superior proprietary source of public company fundamentals and we were the only provider in the world that met their requirements in terms of data quality and depth of coverage. We, on the other hand, have great content but lacked the technology, brand, and distribution capabilities of Capital IQ."
Randall Winn, Managing Principal of Capital IQ, said: "This acquisition immediately allowed us to provide more detailed fundamentals data to our clients in a more timely manner. Our strategy always has been to deliver value to our clients by combining proprietary research and technology with select third-party content. We remain open to potential acquisitions or partnership opportunities that advance this strategic objective."
About Capital IQ
Capital IQ enables leading financial, advisory, and corporate professionals to draw deep market insights, generate better ideas, optimize relationships, and do more with less. It achieves this by deploying client-specific solutions based on the Capital IQ Platform, a unique combination of global private and public capital market data and software applications for research, analysis, idea generation, workflow management, and relationship development. Capital IQ serves over 550 clients including the market leaders in investment banking, investment management, private equity, and related professional services, as well as some of the world's largest corporations. Capital IQ's strategic shareholders include Bear Stearns & Co. Inc., Credit Suisse First Boston, Dresdner Kleinwort Wasserstein, FleetBoston Financial Corp., JP Morgan Chase & Co., Merrill Lynch & Co., and SoundView Technology Group, Inc. For more information, please visit Capital IQ's web site at www.capitaliq.com.
About Simplystocks, Inc.
Simplystocks, Inc. provides market data and analytics that help investment professionals make sound investment decisions. Simplystock's staff and accountants utilize proprietary software to parse through EDGAR, SEDAR, company press releases, and a variety of other sources to capture detailed fundamentals data on over 16,000 U.S., Canadian, European, Asian, and Latin American public companies. Simplystock's clients include leading financial institutions, fund managers, banks, corporations, brokerage firms, individual investors, and academic institutions.
For further information contact: