Interactive Data Corporation announced it has signed an agreement to acquire the data and tools assets of Dow Jones & Co. Inc.'s Online Financial Solutions (OFS) business. Depending on closing conditions, the deal should be finalized in the next few weeks. The OFS data and tools, which were part of MarketWatch Licensing Services prior to the acquisition of MarketWatch, Inc. by Dow Jones in 2005, are used to develop and host web-based solutions, including news, market data, research and advanced charting, portfolio management and alerting capabilities, for approximately 200 financial institutions, active investor services, and media web portals.
Interactive Data plans to integrate the acquired OFS assets into its U.S. Managed Solutions group and will retain a number of the company's employees. As part of the plans to migrate the OFS customers into Interactive Data's technical infrastructure, Interactive Data and Dow Jones have entered into a transition services agreement for hosting and other related services for up to 2 years.