The acquisition of TipRanks by investment firm Prytek was announced by the Israeli fintech business. For $80 million, the investment group led by Chairman Yair Seroussi and CEO Andrey Yashunsky acquired 40% of TipRanks, increasing its overall ownership position to 80%. Institutional investors in the corporation will still own 20% of the shares.
In addition to being one of the first investors in TipRanks, Prytek oversaw the company’s most recent fundraising round, which received $77 million in April 2021. To now, TipRanks has raised $102 million in total.
Established in 2012 by Gilad Gat, the CTO, and Uri Gruenbaum, the CEO, TipRanks offers a streamlined stock research platform that makes alternative datasets readable and visually appealing for average investors.
TipRanks compiles publicly available stock data using machine learning and artificial intelligence (AI) and displays it in easily comprehensible formats.
The site has grown in popularity among individual investors and is currently among the top research tools in the world, with over 50 million monthly users through banks and brokers, in addition to over 6 million active users each month.
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Financial organizations served by TipRanks include banks, brokers, hedge funds, and stock exchanges like Nasdaq, eToro (an Israeli company), Robinhood, CIBC, and Morgan Stanley. In Israel, almost all banks and investing firms have TipRanks systems in place.
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There are 120 employees at TipRanks, and the company plans to hire more this year. In the upcoming years, it is anticipated that its founders, Greenbaum and Gat, will continue to hold prominent positions within the Prytek organization.
Uri Greenbaum, CEO of TipRanks, said: “Selling control of TipRanks was not an easy decision for me and Gilad (co-founder). This is a remarkable company with high profitability and double-digit growth. Over the years, we have received many acquisition offers and consistently declined them. After 11 years, some investors wanted to liquidate their holdings, and we are proud to have delivered exceptional returns during a challenging economic period. Partnering with Prytek is a natural fit due to their synergy, integration capabilities, and positive past experience. We chose a company that offers us both autonomy and significant expansion potential, and we appreciate the investors who have chosen to stay for the upcoming growth phase.”
After a record-breaking year in 2023 due to both organic growth and the seamless integration of The Fly, which was bought in 2023, TipRanks sold to the Prytek Group. With the acquisition of The Fly, a 25-year-old business that specializes in real-time financial and economic news, TipRanks launched its M&A strategy. The mergers and acquisitions experience of Prytek will now expedite this strategy.
Andrey Yashunsky, CEO of Prytek, said: “We recognized the potential of investment information nearly a decade ago and knew we wanted to be part of TipRanks’ journey, which revolutionized access to insights, data, and news in the investment field. Together with our strong financial services division, we are well-positioned to secure the future of our growing value chain.”
Andrey Yashunsky, a former Israeli who currently serves as CEO of Prytek, an international fintech company, provides infrastructure and services to banks. Prytek was founded in 2017, has operations in nine nations, serves more than 250 clients globally, and has over 3,000 employees working across all of its divisions. The group’s chairman since its founding has been Yair Seroussi, a former chairman of Bank Hapoalim.
About TipRanks
TipRanks ranks financial advisors. Multi-award-winning Natural Language Processing (NLP) systems watch online events and aggregate and evaluate financial data: Ratings by Wall Street analysts ,Hedge fund activities,Corporate insider deals, Financial bloggers’ views.
About Prytek
Prytek creates worldwide solution firms employing portfolio and subsidiary technology and services. Prytek creates vertically integrated platforms for innovative businesses.
