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EDGAR Online Buys FreeEDGAR.com

They're not-exactly long lost twins, but they have found each other: online business and finance information provider EDGAR Online Inc. Monday bought fellow EDGAR-based data retriever FreeEDGAR.com.

FreeEDGAR.com was purchased for approximately 950,000 shares of EDGAR Online stock. Based on current stock prices, the deal is valued at slightly more than $11.2 million.

"The addition of the FreeEDGAR site to our business will increase our traffic and user base by more than 50 percent," said Susan Strausberg, CEO of EDGAR Online.

"In addition, combining the FreeEDGAR efforts with our own will strengthen the suite of value-added services we are able to offer to our Internet subscribers and will accelerate our sale of value-added EDGAR data to corporations for use on their intranets and extranets."

The transaction is expected to close within 60 days.

EDGAR Online provides of business, financial and competitive information derived from U.S. Securities and Exchange Commission data. Services also include the IPO Express for SEC details on IPO filings, EDGAR Online People for research on corporate executive and directors, and search and e-mail alert functions.

FreeEDGAR.com, which was founded as Partes Corp., develops EDGAR-based products that structure and deliver financial data to analysts and investors. The Web site features indexed EDGAR filings, e-mail alerts, and downloadable financial spreadsheets.