Chinese market data company Xinhua Financial Network (XFN) has acquired DigiStock Korea Limited, for an undisclosed sum.
DigiStock is a privately owned Korean company that provides worldwide financial information, software development and database construction services. The company is the Korea agent for Standard & Poor's ComStock, S&P Institutional Market Services, S&P MMS, Platts and AFX News.
Under the deal, DigiStock will become a wholly-owned subsidiary of XFN and will change its name to Xinhua Financial Network (Korea) Limited. Andrew Kim, president of DigiStock will continue as head of the company.
Freddy Bush, XFN's CEO, says the acquisition will ensure a successful penetration of XFN into the Korean market. "We are confident this will put XFN in a better position to deliver an integrated product suite of indices, news, corporate data and credit ratings to investors interested in China's financial markets," she says.