Edgar Online, Internet-based provider of business, financial and competitive information derived from U.S. Securities & Exchange Commission filings, is acquiring Financial Insight Systems. The privately held company sells Edgar-derived data and information systems to large financial institutions. The acquisition will enhance Edgar Online's position as a full-service, financial information provider. Edgar will purchase all outstanding shares of Financial Insight for $11.8 million in cash; 2.45 million shares of newly issued Edgar stock; and a $6 million, two-year 7.5% note. The total transaction, expected to close within a month, was valued at $28 million.
Copyright October 2000, Crain Communications Inc.