NEW YORK (
) -- New York digital financial media company TheStreet Inc. acquired the financial newsletters and databases, The DealFlow Report, The Life Settlements Report and the PrivateRaise database from DealFlow Media Inc., the company said on Monday. Financial terms of the deal were not disclosed.
TheStreet will integrate the acquired content into The Deal, which TheStreet acquired in September from Wasserstein & Co.
The DealFlow report covers the microcap equity markets including initial public offerings and private placements, while The Life Settlements Report focuses on life insurance settlements. The content of both newsletters will be made available to The Deal Pipeline subscribers. The target has 10 employees, half based in Petaluma, Calif., and the others in Woodbury, N.Y.
DealFlow will continue to operate its DealFlow and Life Settlement conferences under a licensing agreement with The Deal. DealFlow founder and chief executive Steven Dresner will stay on during the transition period through a consulting arrangement. "The combination of our leading small cap finance content with The Deal's M&A reporting is a natural fit," he said in a statement. TheStreet has used The Deal's content as a growth platform to help increase revenue from subscription and licensing services.
"TheStreet's institutional business unit, The Deal, is an important part of our growth strategy," TheStreet CEO Elisabeth DeMarse said in a statement. "Additionally, this acquisition expands TheStreet's revenue opportunities as we introduce potential customers to The Deal's quality research and reporting."
The late investment banker Bruce Wasserstein founded The Deal in 1999 to cover M&A, IPOs and bankruptcies, among other deals. Hedge fund manager James Cramer along with publisher Martin Peretz founded TheStreet in 1996. TheStreet does not expect the acquisition to impact its earnings.
TheStreet was gaining 0.5% to $1.92.
Written by Demitri Diakantonis in New York