Investor Site Takes HOTcopper Reins
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The one-for-six share swap takeover deal will see HOTcopper operate as an independent business unit of Bourse Data from its Melbourne headquarters. The two companies will pool technology, staff and customer databases.
HOTcopper, which listed on the Australian Stock Exchange on December 22 last year, provides a forum for investors to interact with each other, to create a pool of share market information. In its four years, the site has acquired more than 20,000 subscribers.
While Bourse Data will now have access to one of best patronised investor services in Australia, HOTcopper chief executive offer Mike Vallender said that his company will now also be able to fast track its business plans.
The deal comes a day after Bourse Data announced a AUS$10.01 million (US$6.59 million) equity deal with Australian financial institution St George Bank.
This non-exclusive arrangement, many details of which are yet to be confirmed by the companies, will most likely see Bourse Data supplying investment information to St George's Quicktrade broking service.