Interactive Data Corporation (NYSE: IDC), a leading provider of financial market data, analytics and related solutions, today announced that it has purchased the assets of Dubai-based Telerate Systems Limited (TSL) for UAE dirhams 2.2 million (or approximately $0.6 million in cash based on current exchange rates).
For the past seven years, TSL, a privately held company that operates in Dubai, United Arab Emirates (UAE), has been a sales agent for desktop services from Interactive Data's eSignal division to the commodities, financial futures and foreign exchange trading community in the Middle East.
This transaction will advance Interactive Data's strategy of expanding internationally by establishing a direct presence in the Middle East. TSL has strong experience and technical expertise in selling eSignal's desktop services in the Middle East, with business relationships that extend across the region. Through this transaction, and by making investments in local content and product development, Interactive Data plans to more effectively market its entire portfolio of products and services in this region. The business in the Middle East is being rebranded under the Interactive DataSM name and the TSL team of six employees, as well as its managing director, now become Interactive Data employees.
Roger Sargeant, managing director, International, Interactive Data, stated: "By having a direct presence in the region, we will enhance our ability to accelerate the expansion of our business in the Middle East. We look forward to providing our new Dubai-based team with the requisite resources to capitalize on what we believe are attractive expansion opportunities in this fast-growing region."
Interactive Data anticipates that purchasing the assets of TSL will not have a material impact on its 2010 financial results.