Prytek, an international technology group, has acquired TipRanks, an investment research platform, for approximately $200 million. TipRanks provides alternative datasets and insights to both retail investors and financial institutions.

The platform serves over 50 million users each month and has a client base that includes notable financial institutions such as Nasdaq, Robinhood, CIBC, Morgan Stanley, TD, and Rakuten.

Prytek Acquires TipRanks Platform

TipRanks was founded in 2012 by Gilad Gat and Uri Gruenbaum. The company initially made its mark by creating a platform that ranked and measured the performance of professional analysts. This approach aimed to enhance the accuracy of investment information available to users.

Prytek’s relationship with TipRanks dates back to 2017, when it made a strategic investment in the platform. Prytek’s goal was to distribute TipRanks' services to its network of financial institutions.

In May 2021, Finance Magnates reported that Prytek invested significantly in TipRanks. This investment is part of Prytek's broader strategy and supports TipRanks' use of machine learning and NLP technology to simplify investment decisions for retail investors.

Following the success of this collaboration, Prytek decided to fully acquire TipRanks and integrate it into its financial services division, which already works with major global financial institutions.

Andrey Yashunsky, Founder of Prytek, commented: “We spotted TipRanks’ potential to democratise investment information nearly a decade ago and knew we wanted to be part of their journey. With our strong performing financial services division, having a resource which has revolutionised access to investment insights, data and news will shape the future of our ever-expanding value chain.”