Simply Wall St announced its acquisition of Capp.io, a start-up that provides analysis data on US stocks.
Simply Wall St uses its software to help pick stocks by converting financial data into information graphics. While both companies are in similar lines of business, Simply Wall St is expanding its market presence from Australia to the US. Together the combined companies will have about 35,000 customers. Simply Wall St raised about $600,000 last year.
Part of those funds were used to buy Capp.io. Simply Wall St chief executive and founder Al Bentley said: “The Capp.io team shares our mission and values to make investing simple for the self-directed retail investor. The acquisition allows us to strengthen our presence on the US market.“
It is planned that Capp.io will transfer its customers and intellectual property to Simply Wall St and new users will also be directed to Simply Wall St’s website.
Capp.io chief executive Jay Deuskar said: “I think Simply Wall St has a very similar vision to Capp.io and is doing a great job at simplifying long-term investing.”
Mr Deuskar said the start-up will now focus on a “different space”.