OTC Markets Group Inc said it has completed its previously announced acquisition of assets from Blue Sky Data Corp, a leading provider of equity and debt compliance data regarding state 'Blue Sky' securities rules and regulations.
OTC Markets Group said that through enhancements to its existing Blue Sky data offering, the acquisition will allow it to improve its value proposition and expand its subscriber base.
The resulting product will provide a comprehensive view of Blue Sky secondary trading compliance data, delivered in an efficient format for broker-dealers, financial advisors, public companies, and regulators, it added.
"This acquisition will deliver a fully integrated product suite that provides a holistic, comprehensive view of Blue Sky secondary trading compliance," commented R. Cromwell Coulson, president and CEO of OTC Markets Group in a statement.
READ: OTC Markets Group signs definitive agreement to acquire the assets of Blue Sky Data Corp
"Our unique data offering will help our broker-dealer subscribers and public companies improve their understanding of and compliance with State Securities Laws," he added.
OTC Markets Group said the acquisition includes substantially all of the assets of Blue Sky Data Corp, including customer contracts and intellectual property, and the consideration was approximately $12 million in cash.
Matt Fuchs, executive vice president of Market Data and Strategy at OTC Markets Group said: "This acquisition furthers our commitment to utilize data to drive transparency and efficiency in the market. We look forward to enhancing the data set, distribution and delivery to help subscribers automate Blue Sky compliance for OTC equities and fixed income securities."
Piper Sandler & Co. served as financial advisor and Bressler, Amery & Ross, P.C. served as legal counsel to OTC Markets Group on the transaction.
OTC Markets Group operates regulated markets for trading 12,000 US and international securities. Its data-driven disclosure standards form the foundation of its three public markets: OTCQX Best Market, OTCQB Venture Market and Pink Open Market.
Its OTC Link Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading.
Overall OTC Markets Group's innovative model offers companies more efficient access to the US financial markets.
Contact the author at jon.hopkins@proactiveinvestors.com